《大行報告》摩通上調信置(00083.HK)目標價至14.3元 評級「增持」
摩根大通發表的研究報告指,信和置業(00083.HK)的市值中有41%是現金,而凱匯將於2021財年入帳,令末期派發特別息的可能性增加,而今年公司亦有8個項目銷售,儘管短期股價表現強勁,現價撇除現金仍較資產淨值折讓65%,估計催化劑包括銷售項目於未來六個月推出,以及潛在派發特別息,維持「增持」評級,目標價由13元升至14.3元。
該行認為公司擁370億元現金,相當於每股5元,而土儲達550萬平方呎,管理層相信足夠未來五年使用,同時意味將現金用於補充土儲的迫切性不高,隨著之前的合約銷售入帳,該行認為公司有望將部分現金回饋股東,而公司撇除現金後股價約7.32元,較撇除現金後的資產淨值折讓65%,反映公司有41%的市值是淨現金。
公司2021年將有8個住宅項目登場,當中兩個已經推出,而公司項目觀感一向較高端,估計西九龍及黃竹坑的項目會較難賣出,料相關項目平均呎價將達2.5萬至3萬元,不過考慮到單位較細,單位總價可相應降低,加上近期住宅樓市氣氛向好,相信對豪宅單位需求將增。
公司2021上半財年核心盈利21.4億元,按年跌21%,但維持派中期息每股14仙,期內盈利下跌主要因為租賃收入跌11%等,不過該行估計受惠凱匯將入帳,全年公司純利應達110億元,雖然公司傾向維持穩定派息,不過盈利急增公司有望派發特別息。
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