星展:維持大昌(0088.HK)持有評級 目標價5.19港元
星展發表研究報告指出,大昌集團(0088.HK)早前以13.3億港元奪鴨脷洲海旁道住宅地,接近市場預期上限,現時公司股價較資產淨值預測折讓約78%,但因經濟不明朗因素增加,集團需時釋放其淺水灣及山頂項目的價值,故此暫時維持其持有投資評級,目標價為5.19港元。
報告指,大昌以超過13億港元擊敗18家發展商╱財團投得鴨脷洲地皮,反映集團對豪宅市場有信心,而集團計劃興建中小型豪宅公寓,亦料比大型單位更暢銷,加上建築及融資成本,報告預期按可銷售面積計算,每呎發展成本約為每平方呎2.4萬元。
報告估計,集團現金流達34億港元,可支持購買地皮,並能維持淨現金狀況,故預期公司可以維持派息。

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