一表綜合券商對恆地(00012.HK)於業績後最新目標價及觀點
恆基地產(00012.HK)今早股價受壓，早市收37.35元下挫3.7%，市場指其上半年物業銷售放緩，經常性租金收入僅增1%，而里昂指其中期息2013年來首次無增長，有券商亦關注其出售和生圍地皮交易感到意外。該公公布截至今年6月底止中期業績，營業額81.29億元，按年跌38.1%。公司錄純利75.15億元，按年跌50%；每股盈利1.55元。維持派中期息0.5元。若撇除投資物業及發展中投資物業之公允價值變動(已扣減非控股權益及稅項)，公司期內之股東應佔基礎盈利為67.02億元，按年跌52%。每股基礎盈利為1.38元。
此外，恆地於其業績公布中表示，集團於7月簽訂一項協議，以47.05億元向獨立第三方出售一間持有新界和生圍若干地塊權益之公司股權，涉及之土地2面積合共約242萬平方呎。有關交易訂於2020零年1月完成。
【純利呈倒退 憂股息增長】
摩根士丹利發表報告表示，恆地中期應佔基礎盈利按年跌52%，主要由於年度缺少大型物業銷售入賬，應佔稅前租金收入淨額幾乎持平，加上淨資產值比同業高，決定維持其「減持」投資評級及予目標價35.5元。
高盛表示，雖然恆地上半年物業銷售速度低於預期，預計未來有更多出售收益及擴大租賃規模之下，將有助股息增長，維持對其「確信買入」名單及「買入」評級及目標價38.8元。但里昂指，恆地今次的每股中期息錄2013年來首次無增長，料本港經濟正面臨挑戰，人民幣貶值風險，維持「跑輸大市」評級，將目標價由45元降至40元。
本網最新綜合8間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
海通國際│買入│60.2-55.7元
摩根大通│增持│56.4元
高盛│買入(「確信買入」名單)│53元
瑞信│跑贏大市│50.3元
里昂│跑輸大市│45-40元
美銀美林│中性│40元
匯豐環球研究│持有│47.55-37.6元
摩根士丹利│減持│35.5元券商│觀點
海通國際│調低每股淨資產值估值及目標價
摩根大通│短期現金流循環，有利於股息增長
高盛│出售收益和擴大租賃將有助增加派息
瑞信│中期業績基本符合預期，股息收益率有吸引力
里昂│上半年房地產銷售放緩，中期息2013年來首次無增長
美銀美林│核心利潤低於預期，關注出售和生圍農地交易
匯豐環球研究│業績疲軟，沒有規模較大非核心資產銷售
摩根士丹利│租金收入幾乎零增長，淨負債率增加
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