《大行報告》花旗料本港地產板塊股價調整約一成 看好九置、新地及信置
花旗發表報告,相信市場以新地(00016.HK)作為押注香港整體地產市場的替代品,本港資產佔集團總體資產價值(GAV)達70%,並廣泛分布於住宅、零售及商廈領域。香港作為內地重新開放的核心受惠者,新地管理層在分析員會議上對業務展望正面,受惠內地及本港物業銷售改善及零售租金表現。在投資物業方面,報告指新地有多元化而管理良好的組合,料在2022至2025財年間租金收入年均複合增長達5%。報告料新地2023財年約4.5%股息率是可持續,並吸引長線投資者。目標價由127.8元微升至127.9元,評級「買入」。
報告另維持對新世界(00017.HK)中性立場,指其受累於利率上升及不容易銷售的香港管線,市場聚焦其去槓桿計劃。該行留意到新世界管理層確信去年12月淨負債已見頂,重申在可見將來沒股權集資計劃;該行相信可對股價帶來一些支持。該行料新世界2023財年全年派息將減15%至每股1.76元。目標價由20.5元微降至20.2元,評級「中性」。
花旗補充,最新一份《財政預算案》對住宅及零售輕微正面,包括下調首置買家物業印花稅稅階。考慮HIBOR現正上升、美聯儲鷹派加息展望、以及市場對地產股潛在股權集資的憂慮,認為香港地產股正處於短期調整。《預算案》難以提振地產股股價,料整體板塊股價調整幅度約10%,建議收集九置(01997.HK)、新地及信置(00083.HK)。詳細投資評級及目標價見另表。
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