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《大行報告》匯豐研究下調新地(00016.HK)目標價至125.8元 料全年核心盈利跌8.4%派息持平
阿思達克 09-07 10:50
匯豐研究發表研究報告,指出新地(00016.HK)將會在9月10日公布2020財年業績,估計其核心盈利將按年下跌8.4%至297億元,認為其多元化的租賃組合及香港物業銷售的良好預售,已減輕了部分零售租賃及酒店的疲弱表現。該行預期全年派息維持在每股4.95元,即派息比率48%,而其過去十年的派息比率維持在40至50%。維持「買入」投資評級,指公司是該行香港地產股板塊的首選。

該行預期,公司2020財年的合同銷售達335億元,按年下跌44%,主要的貢獻來自匯璽第三期,以及Wetland Seasons Park第一期及第二期。其銷售表現在疫情爆發期間有所下跌,尤其是在今年2月至4月份。但是,留意到隨著公司在5月份推出Wetland Seasons Park第二期,銷售逐漸恢復勢頭。御海灣第一期的銷售表現令人滿意,自7月份推出以來已推出超過72%單位。公司計劃在短期內推售Wetland Seasons Park第三期。

匯豐研究指出,新地在香港房地產市場處於有利位置,因為其龐大而多元化的土儲,相信可以在樓市復甦時受惠。由於香港土地供應減少,因此其盈利增長能見度高。該行將公司目標價由原來的129.2元下調至125.8元。將其2020至2022年財年盈利預測下調約1%至5%,主要是因為銷售預期有所調整及投資物業的租金利潤率預期下調。

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