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高盛:重申新地(0016.HK)“買入”評級 目標價145港元
格隆匯 11-28 16:54

高盛發表研究報告稱,新地(0016.HK)以422.32億港元投得西九高鐵站商業地,相信可令新地規模進一步擴大及與其環球貿易廣場(ICC)產生協同效應,進一步提升西九龍作為商業中心的地位,認為新地前景正面,相信集團經常性收入可穩定增長,重申其“買入”評級,並維持目標價145港元。

高盛指,高鐵站商業地面積龐大,同時擁有戰略性位置,為香港一幅重要的非住宅地皮。該行估計,就項目寫字樓部分,市值租金料約每平方呎60港元;假如其總投資額為每方呎1.8萬港元,零售店面呎租則料為50港元。

該行又稱,投資者目前較關注新地負債水平,假設公司全額繳付地價的話,新地淨負債率料由今年6月的12%,升至18%,或接近其內部負債率上限20%。不過,由於新地有意邀請其他長期戰略投資者加入項目,如果成功,將有望降低其資本支出及風險。

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