《大行报告》摩通上调信置(00083.HK)目标价至14.3元 评级「增持」
摩根大通发表的研究报告指,信和置业(00083.HK)的市值中有41%是现金,而凯汇将於2021财年入帐,令末期派发特别息的可能性增加,而今年公司亦有8个项目销售,尽管短期股价表现强劲,现价撇除现金仍较资产净值折让65%,估计催化剂包括销售项目於未来六个月推出,以及潜在派发特别息,维持「增持」评级,目标价由13元升至14.3元。
该行认为公司拥370亿元现金,相当於每股5元,而土储达550万平方尺,管理层相信足够未来五年使用,同时意味将现金用於补充土储的迫切性不高,随着之前的合约销售入帐,该行认为公司有望将部分现金回馈股东,而公司撇除现金後股价约7.32元,较撇除现金後的资产净值折让65%,反映公司有41%的市值是净现金。
公司2021年将有8个住宅项目登场,当中两个已经推出,而公司项目观感一向较高端,估计西九龙及黄竹坑的项目会较难卖出,料相关项目平均尺价将达2.5万至3万元,不过考虑到单位较细,单位总价可相应降低,加上近期住宅楼市气氛向好,相信对豪宅单位需求将增。
公司2021上半财年核心盈利21.4亿元,按年跌21%,但维持派中期息每股14仙,期内盈利下跌主要因为租赁收入跌11%等,不过该行估计受惠凯汇将入帐,全年公司纯利应达110亿元,虽然公司倾向维持稳定派息,不过盈利急增公司有望派发特别息。
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