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《大行报告》瑞信升新地(00016.HK)目标价至156.6元 评级「跑赢大市」
阿思达克 02-26 10:56
瑞信发表研究报告,指出新地(00016.HK)2021财年上半年的基础溢利按年增长30%至175亿元,占该行全年预期的56%。公司宣布派发的中期息持平在每股1.25元,净负债比率稳定在14.4%。

在社交距离措施影响下,公司上半财年的合同销售仅占其全年目标350亿元的32%,管理层预期销售势头将会在未来两季有新项目推出而有所提高。

虽然公司的香港物业租合受压,但内地物业组合表现则有韧性,租金收入按年上升19%,当中商场的租金收入按年增长26%。随着其内地已完成投资物业在四年内将增长67%至约2,500万平方尺,将会成为其租金收入增长的主要动力。

该行认为公司会在宏观经济前景改善及低息环境下受惠更多,因为其会有更多足够的项目渠道、香港投资物业组合的质素更佳,以及中国内地的租金增长前景会更确实。将公司的目标价由原来的120.1元上调至156.6元,维持「跑赢大市」投资评级。

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