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大和:恆地(0012.HK)大量低廉土儲開始變現 維持買入評級
格隆匯 08-21 15:49

大和發表研究報告表示,恆基地產(0012.HK)上半年基本純利按年跌23%至51.82億港元,符合該行預期的50.2億港元,並維持中期股息0.5港元。截至6月底,恆地未入帳銷售額達250億元,以及有一系列新的出租物業將落成,將可鞏固集團未來幾年的盈利前景。考慮到恆地在中港坐擁大量低成本的土地儲備,中國市場的貢獻似乎增加,重申其買入評級,維持目標價48港元。

大和稱,恆地上半年物業銷售利潤率為46.6%,主因集團擁有大量舊樓及農地;經過多年來建立其土地資源,相信恆地可以開始將相關土地變現,如集團於7月完成出售和生圍地皮,料會為下半年基本純利帶來37億元收入。

大和續指,儘管受疫情影響,但恆地上半年租金收入僅按年下跌4%,加上集團未來幾年在香港及中國陸續有新物業落成,有望鞏固其租金收入前景。

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