《大行報告》大摩料新地(00016.HK)匯璽III售罄率強勁 指目前估值吸引
摩根士丹利發表報告表示,新地(00016.HK)旗下西南九龍匯璽III公布首張價單,折實平均呎價2.1萬元,較其2018年10月推出第二期時的作價低出18%。該行指,按可比較單位比較,今次單位平均售價較去年第三季價格低出6%,而中原城市領先指數同期則累跌2%。
該行估計,新地按目前價單推出九龍匯璽III的售罄率強勁,新地早於2011年9月收購有關地皮,樓面地價每平方呎4,500元,估計其EBIT毛利率可維持逾35%。該行指,今次首批單位若銷售良好,未來數周會以較高價格加推單位,從而支持中原城市領先指數上升。
大摩相信,新地目前股價較每股資產淨值折讓達49%,股息回報達4.1厘,予其「增持」投資評級及目標價132元。
該行仍料中原城市領先指數未來九個月將下降10%預測(自6月至今已累跌3%),因市場情緒疲弱及經濟增長及零售銷售下滑。
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