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《大行报告》美银证券上调新地(00016.HK)目标价至144元 评级「买入」
阿思达克 05-04 10:05
美银证券发表的研究报告指,新地(00016.HK)本周於广州及古洞的大型土地投资应可带来稳健回报,同时认为公司所作的投资可受惠大湾区进一步整合,虽然该行料受本地发展项目表现拖累,未来两三年公司盈利表现将呆滞,但估计随着新的投资物业出现,可持续收入部分将继续上升,认为现价较资产净值折让55%,股息率达4%属吸引水平,重申「买入」评级,目标价升4%至144元,估计6月份推元朗站及天水围站项目以及公司可售资源达180亿元等因素将成催化剂。

该行指出公司获广州南站项目,可建面积达91.7万平方米,项目有近六成可供出售,估计将分散风险,同时亦可带来稳健利润,料毛利率将达三成以上,其余零售、写字楼部分收益率逾4%亦属合理,估计项目可补足公司於香港的高铁站项目。

另外新地亦以86亿元夺古洞地皮,每尺楼面地价约7,184元,虽然价格高於预期,但当中有16%为零售面积,同时古洞亦近落马洲,日後将成大湾区港深科技发展的重要焦点,估计日後住宅每尺售价须达1.5万元,才能达到15%边际利润,然而公司过往能於偏远地区做到高於平均尺价的往绩。

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