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大摩:予恆地(0012.HK)減持評級 目標價30.5港元

摩根士丹利發表研究報吿指,恆地(0012.HK)去年基本盈利遜於該行預期,主要是由於租金息税前利潤和來自煤氣公司(0003.HK)的利潤較低;每股派息按年持平於1.8港元,股息收益率為5.4%。該行予集團“減持”評級,目標價30.5港元,行業評級為“審慎”。

大摩表示,集團未入帳銷售額為270億元,按年增長25%,其中83%可能在今年得到確認收購。除卻這個正面因素外,其他均相對負面。包括由於攤銷租金優惠和負租金調整,香港業務租金收入跌4%。去年下半年租金利潤率按年下降6.4個百分點至67%,屬同行中最差,該行料集團在今年上半年或繼續疲軟。中國租金收入按人民幣計算增長7%,但利潤率下降至78%。

另外,集團購入中環海濱地塊後,淨負債率達到43%,經常性收入並未完全覆蓋股息。另該行認為,集團股價較每股資產淨值折讓45%,並不便宜。

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