《大行報告》匯豐研究上調長實(01113.HK)目標價至50.6元 評級「買入」
匯豐研究發表報告指,長實(01113.HK)斥資102.8億元奪啟德第4E區2號住宅地,每平方呎樓面地價約15,860元,作價為市場預期上限,屬集團2018年投得黃竹坑站三期住宅項目後最大宗收購。
該行指,近期發展商以高價參與政府多幅土地招標,反映發展商對香港樓市前景有信心,加上長期低利率環境、有利的房屋政策及供應短缺的支持,認為購入此幅臨海的啟德住宅地,對長實發展有利,有助豐富可售資源和增強中期增長可見性,從而引發估值重估。
報告假設2025年預售平均售價為每平方呎3.15萬元,項目毛利率將達到21%,預計收購後集團淨資產負債率將提升3個百分點至8.2%。
匯豐研究指,長實英國業務及飛機租賃業務疲軟等負面因素,已很大程度上反映在股價次上,認為現時估值較低(較NAV折讓64%),因此維持「買入」評級,目標價由50.4元上調至50.6元,但因應土地收購將2021及2022年的盈利預測下調0.5%及1.7%。
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