大和:削恆地(0012.HK)目標價至48港元 料未來出售資產盈利下跌
大和發表研究報告指,恆基地產(0012.HK)去年基礎盈利按年跌26%至146.6億港元(單位.下同),主要是由於出售資產盈利貢獻較低。隨著恆地資產處置盈利受目前市場的不確性影響,相信公司將會持續增加其租金收入及土地儲備,尤其是農地轉換來變現。該行重申其買入評級,但下調目標價8.5%,由52.48元降至48元。
大和稱,恆地去年派息按年增長10%,但卻未有延續自2013年起每10股送1股的做法,這或會短期影響市場情緒。然而,鑑於市場存在不確定性,認為此舉做法可以理解。
該行認為,目前是發展商向政府爭取土地溢價的好時機,倘若恆地未來數月成功與政府就油塘灣項目及其他農地轉換項目達成談判,相信會是恆地一大突破。另外,集團未來1至3年在香港及中國將有大量收租物業落地,預期可鞏固其租金收入增長。
該行又指出,考慮到現時市場不確性,要實現出售資產收益增長較以往更為因難,因此下調恆地今、明兩年每股盈利預測25%,以反映來自出售非核心資產的盈利下跌預期。

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