一文综合券商於恒地(00012.HK)公布业绩後最新目标价及观点
恒基地产(00012.HK)今早股价造淡，盘中曾低见32.5元一度下挫5.4%，最新报33.3元下滑3%，摩根大通指恒指去年基础盈利及每股派息均符预期，但公司并无在业绩公告中对重新派发红股作出任何暗示，并料其业务会如常推展，但将无明显催化剂。
恒地昨收市後公布去年业绩，录营业额250.2亿元按年升3.5%，纯利101.92亿元，按年跌40%；每股盈利2.11元，派每股末期息1.3元，每股全年派1.8元。
恒指去年基础盈利为148.99亿元按年升1.8%，集团本年度之基础盈利包括出让一间持有新界和生围若干地块权益之公司股权，录得36.29亿元贡献，每股基础盈利为3.08元。投资物业及发展中投资物业经重估後录得应占公允价值亏损。恒地去年本港物业销售营业额为140.42亿元，按年升0.1%，盈利为77.3亿元升53%；去年租金收入跌7%至67.74亿元。
【业绩符合预期 无派红股消息】
瑞信发表报告表示，恒地去年基本利润按年增长1.8%至149亿港元，优於该行预期。恒地每股派息率保持不变，派息比率达58.5%及股息回报达5.2厘，公司管理层亦派「定心丸」指将维持稳定的派息政策。该行维持其「跑赢大市」评级，目标价由37.7元上调至43.7元。
摩根大通表示，恒地没有透露何时将继续发放红利的任何暗示，尽管其经常性租金投资组合应在未来两到三年内扩大。该行认为，恒地较高的负债水平将限制其今年物业招标的能力，尽管其今年有大量可售资源，但不确定公司的营销工作是否可以相应地扩大规模。该行维持对恒地「中性」评级，目标价28.1元。
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本网最新综合8间券商对其投资评级及目标价：
券商│评级│目标价(港元)
大和│买入│48元
海通国际│ 跑赢大市│47.5元
瑞信│跑赢大市│37.7->43.7元
花旗│买入│35.4->37.8元
高盛│中性│35元
摩根士丹利│与大市同步│33元
摩根大通│中性│28.1元
瑞银│沽售│26.3元
券商│观点
大和│营运资产及派息稳健
海通国际│料今年香港物业可售资源增加一倍，股息收益率高达5.2厘
瑞信│去年基本盈利增长符预期，派息稳定上调其目标价
花旗│展望业绩持续改善兼股息率稳步上升
高盛│租金和酒店利润下降被物业预订利润所抵销，核心盈利符预期
摩根士丹利│派息符预期，惟缺乏非核心处置料今每股收益可能下降
摩根大通│恒地无对重新发红股作出任何暗示，指前景无明显催化剂
瑞银│去年基本盈利按年增2%符预期，净负债率达26.9%，略低於去年6月28.2%
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