《大行报告》大摩料新地(00016.HK)汇玺III售罄率强劲 指目前估值吸引
摩根士丹利发表报告表示,新地(00016.HK)旗下西南九龙汇玺III公布首张价单,折实平均尺价2.1万元,较其2018年10月推出第二期时的作价低出18%。该行指,按可比较单位比较,今次单位平均售价较去年第三季价格低出6%,而中原城市领先指数同期则累跌2%。
该行估计,新地按目前价单推出九龙汇玺III的售罄率强劲,新地早於2011年9月收购有关地皮,楼面地价每平方尺4,500元,估计其EBIT毛利率可维持逾35%。该行指,今次首批单位若销售良好,未来数周会以较高价格加推单位,从而支持中原城市领先指数上升。
大摩相信,新地目前股价较每股资产净值折让达49%,股息回报达4.1厘,予其「增持」投资评级及目标价132元。
该行仍料中原城市领先指数未来九个月将下降10%预测(自6月至今已累跌3%),因市场情绪疲弱及经济增长及零售销售下滑。
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