《大行報告》交銀國際降新地(00016.HK)目標價110.1元 中期業績大致平穩
交銀國際發表研究報告指,新地(00016.HK)中期業績大致平穩,內地項目交付減少導致物業銷售入帳下降,但其餘各線業務有所復甦。總收入按年增0.4%至275億元。核心淨利潤按年減5.9%至約89億元,大致符合預期。中期股息按年減24%至0.95元,股息率減少7.3個百分點至30.9%,但因應政府剛公布放鬆措施,公司預期全年分派比率會更接近40至50%之上限,該行預計全年股息按年減12.3%至約4.3元。
期內,新地香港物業開發收入較去年同期上升25%至36.1億元,但內地物業交付下降60%至15.9億元,拖累整體開發收入下降23.5%至38.7億元。租金收入按年升1.7%至89.4億元,其中零售分部錄得3.5%按年增長,公司預期自由行放寬將有助於零售業界進一步復甦,並預計零售租金將於下半年繼續錄得增長。
該行重申集團的「買入」評級,目標價由127.6元下調至110.1元。
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