恆基地產(0012.HK):缺乏短期增長動力,維持“中性“,目標價至 39.50 港元
機構:國泰君安
評級:中性
目標價:39.50 港元
恆基地產(0012.HK)2019 年上半年核心淨利潤同比大幅下跌 51.6%至 6,702 百萬港元,主要是由於房地產開發業務大幅下滑所致, 業績低於預期。2019 年上半年恆基地產的物業銷售收入同比下跌 60.8%至 3,551 百萬港元,而其經營利潤率亦同比下跌 18.8 個百分點。期內公司物業租賃收入同比微升 3.6%至 3,103 百萬港元,而經營利潤率則同比下跌 1.8 個百分點至 74.8%。
人民幣貶值影響恆基地產在中國內地的物業租賃業務,租賃收入減少至 917 百萬港元。2019 年下半年恆基地產在香港擁有充足的可售資源,合計 1,423 個住宅單位。此外,由於我們認為高爾夫御苑的銷售速度將會放慢,我們下調房地產銷售收入預測。公司亦宣佈以4,705 百萬港元出售其和生圍項目,該交易預計將於 2020 年完成。
我們下調目標價至 39.50 港元但維持“中性”投資評級。我們維持 2019 年的最終每股股息預測為 1.35 港元,並預計恆基地產將在 2019 年底前停止派發紅股。我們的目標價相對於恆基地產 2019 年每股估值有 42%折讓,亦相當於 11.2/13.2/12.0 倍 2019/2020/2021 年核心市盈率和 0.59/0.57/0.55 倍 2019/2020/2021 年市淨率。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.