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《大行报告》汇丰研究上调长实(01113.HK)目标价至50.6元 评级「买入」
阿思达克 02-18 13:59
汇丰研究发表报告指,长实(01113.HK)斥资102.8亿元夺启德第4E区2号住宅地,每平方尺楼面地价约15,860元,作价为市场预期上限,属集团2018年投得黄竹坑站三期住宅项目後最大宗收购。

该行指,近期发展商以高价参与政府多幅土地招标,反映发展商对香港楼市前景有信心,加上长期低利率环境、有利的房屋政策及供应短缺的支持,认为购入此幅临海的启德住宅地,对长实发展有利,有助丰富可售资源和增强中期增长可见性,从而引发估值重估。

报告假设2025年预售平均售价为每平方尺3.15万元,项目毛利率将达到21%,预计收购後集团净资产负债率将提升3个百分点至8.2%。

汇丰研究指,长实英国业务及飞机租赁业务疲软等负面因素,已很大程度上反映在股价次上,认为现时估值较低(较NAV折让64%),因此维持「买入」评级,目标价由50.4元上调至50.6元,但因应土地收购将2021及2022年的盈利预测下调0.5%及1.7%。

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