《大行報告》匯豐研究上調新地(00016.HK)目標價至117.7元 評級「買入」
匯豐研究發表研報指,新鴻基地產(00016.HK)將在短期內加快推出手頭項目,以捉緊樓市改善的機會,預期其穩固的物業項目儲備及不斷改善的租賃組合將推動盈利恢復增長,上調估值基礎,將資產淨值(NAV)折讓估算由50%收窄至45%,將目標價由105.4元上調至117.7元,2023至2025財年盈利預測上調2.5%至6.5%。
該行指,隨著二手交易量有所改善,本港樓市展示出觸底反彈的跡象,預計市場情緒將隨著利率預期見頂,以及較預期快的重新開放而逐漸改善,結束近期的週期性低迷。匯豐研究預計新地大部分主要物業項目將於截至今年6月底止下半財年入賬,因此截至去年12月底止上半財年盈利表現料保持疲軟,預測上半財年房地產銷售額將達到約120億元,憧憬2024財年整體表現出現較大改善,將該公司列為行業首選之一,維持「買入」評級。
該行指,新地近期重點推售超過3,600個單位,包括屯門「NOVO LAND」2A及2B期、大埔白石角「University Hill」及天水圍天榮站項目,預測2023財年合同銷售額將達到350億元。商業物業方面,該行預期新地香港業務租金收入2024財年恢復增長,料按年升4.7%,扭轉連續四年跌勢,又指過去數月新地進一步擴大其投資組合,預期可支持未來幾年的盈利增長。
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