一表综合券商对恒地(00012.HK)於业绩後最新目标价及观点
恒基地产(00012.HK)今早股价受压，早市收37.35元下挫3.7%，市场指其上半年物业销售放缓，经常性租金收入仅增1%，而里昂指其中期息2013年来首次无增长，有券商亦关注其出售和生围地皮交易感到意外。该公公布截至今年6月底止中期业绩，营业额81.29亿元，按年跌38.1%。公司录纯利75.15亿元，按年跌50%；每股盈利1.55元。维持派中期息0.5元。若撇除投资物业及发展中投资物业之公允价值变动(已扣减非控股权益及税项)，公司期内之股东应占基础盈利为67.02亿元，按年跌52%。每股基础盈利为1.38元。
此外，恒地於其业绩公布中表示，集团於7月签订一项协议，以47.05亿元向独立第三方出售一间持有新界和生围若干地块权益之公司股权，涉及之土地2面积合共约242万平方尺。有关交易订於2020零年1月完成。
【纯利呈倒退 忧股息增长】
摩根士丹利发表报告表示，恒地中期应占基础盈利按年跌52%，主要由於年度缺少大型物业销售入账，应占税前租金收入净额几乎持平，加上净资产值比同业高，决定维持其「减持」投资评级及予目标价35.5元。
高盛表示，虽然恒地上半年物业销售速度低於预期，预计未来有更多出售收益及扩大租赁规模之下，将有助股息增长，维持对其「确信买入」名单及「买入」评级及目标价38.8元。但里昂指，恒地今次的每股中期息录2013年来首次无增长，料本港经济正面临挑战，人民币贬值风险，维持「跑输大市」评级，将目标价由45元降至40元。
本网最新综合8间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
海通国际│买入│60.2-55.7元
摩根大通│增持│56.4元
高盛│买入(「确信买入」名单)│53元
瑞信│跑赢大市│50.3元
里昂│跑输大市│45-40元
美银美林│中性│40元
汇丰环球研究│持有│47.55-37.6元
摩根士丹利│减持│35.5元券商│观点
海通国际│调低每股净资产值估值及目标价
摩根大通│短期现金流循环，有利於股息增长
高盛│出售收益和扩大租赁将有助增加派息
瑞信│中期业绩基本符合预期，股息收益率有吸引力
里昂│上半年房地产销售放缓，中期息2013年来首次无增长
美银美林│核心利润低於预期，关注出售和生围农地交易
汇丰环球研究│业绩疲软，没有规模较大非核心资产销售
摩根士丹利│租金收入几乎零增长，净负债率增加
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