《大行報告》美銀證券:恆地(00012.HK)中期盈利略遜預期 評級「跑輸大市」
美銀證券發表評級報告指,恆地(00012.HK)上半年核心利潤按年跌10%至48億元,較該行預測低於4%,開發物業利潤表現遜於預期,惟租金及聯營公司利潤優於預期。公司中期派每股股息0.5元,按年持平,符合該行預期。
該行表示,由於內地及香港合同銷售額分別下跌22%及36%,公司下半年歸屬合同銷售額按年下跌28%,而管理層表示,約44%來自在港已出售但未入賬收入,為152億元,另有128億元來自內地,均會納入於下半年收入當中,而過去恆地縮減內地開發物業的土地收購,但管理層表示對收購機會持開放態度。
該行表示,管理層重申,由於宏觀環境仍然充滿挑戰,故無意恢復派發額外股息,並維持其目標價為25元及評級為「跑輸大市」。
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