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匯豐:維持希慎(0014.HK)買入評級 目標價36.3港元
格隆匯 05-13 13:01

匯豐發表報吿,指希慎(0014.HK)與華懋集團以198億港元高價奪銅鑼灣加路連山道商業地,認為對希慎正面,有助加強中期增長能見度,維持買入,目標價36.3港元不變。

匯豐預測,希慎備考淨負債比率將升至6.7%(當中估計22.5%淨用永券作為借貸),現時為淨現金,雖然成交價不便宜,每呎地價等同於18374港元,高市場預期上限15%,但基於地皮亦獲其他五財團參與,反映彼等亦對香港商業地的信心,匯豐仍認為地皮對希慎屬正面,現時市價相對希慎的每股資產淨值折讓接近60%,2021年預測股息率為5釐,認為並不合理。 匯豐相信項目可為希慎在銅鑼灣組合帶來協同作用,將擴大其在銅鑼灣地區的組合17%至450萬平方呎。 

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