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交銀:削恆地(0012.HK)目標至41.73港元 維持“買入”評級
格隆匯 03-25 16:15

交銀國際發表報告表示,恆地(0012.HK)去年核心盈利為146.4億港元,按年下跌26%,分別低於該行及市場預測15%和12%,末期每股派息維持1.3港元,但無派送紅股,該行下調其今年核心每股盈利預測,並將目標價由46.35港元下調至41.73港元,由於股價已從高位回落37.9%,相信大部分負面因素已被消化,維持“買入”評級。

報告表示,恆地去年香港合同銷售額(包括非核心資產處置)為156億元,與該行預測相符,公司在今年將有近4000單位可供銷售,可售資源充足,相信一旦疫情受控制,恆地將受益於被壓抑的需求。

報告續指,恆地土地儲備水平適中,目前在香港擁有950萬平方尺的住宅土儲,目前的土儲足以為公司在未來3-4年提供穩定的房地產開發收益,而無需大量的短期資本支出。

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