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大和:重申新地(0016.HK)買入評級 目標價156.8港元
格隆匯 02-26 13:59

大和發表研究報吿指,新地(0016.HK)在受疫情影響下,中期純利仍能按年增長30.2%,認為疫情對新地核心營運的影響正在下降,其香港物業銷售業務前景依然強勁,對集團未來幾年盈利前景而言是個好兆頭,加上集團尚有可觀的基本價值待釋放,重申其買入評級,目標價續看156.8港元。

大和指,新地上半財年物業銷售盈利按年增80.4%至1123.66億港元,主要歸功於其物業銷售盈利上升及物業銷售利潤率增至46%,而截至去年底,新地未入帳合約銷售額約276億港元。

大和續指,儘管疫情令新地在香港的零售租金收入按年下跌13%,但在香港寫字樓租金收入仍升2%帶動下,整體租金收入僅跌3%。至於中國租金收入更按年大升18.8%,預期新地未來四年在內地的租賃物業組合將增加逾60%至2500萬平方呎,將有助鞏固其租金收入前景。

該行認為,新地租金及物業銷售業務均已進入收成期,倘若集團可增加派息、出售非核心資產及進行股份回購等,定能獲得資本市場認同。

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