《大行報告》花旗下調恆地(00012.HK)目標價至18.3元 評級「沽售」
花旗發表研究報告指,考慮到啟德區有大量新供應,預期該區新盤銷售將非常緩慢,同時壓低樓價,令利潤率下降,因此重申對恆基地產(00012.HK)的「沽售」評級。
該行指出,恆地今年下半年計劃推出多個新盤項目,大部分為小型單位,其中石硤尾巴域街項目一期將提供738伙,太子西洋菜北街項目提供492伙,大角咀嘉善街項目提供234伙,而正在銷售的紅磡必嘉坊項目第三期則提供278伙,都屬舊樓重建項目,在當前市況下或需要降價促銷。
花旗假設利率於較長時間內維持較高水平,指出恆地擁有較高負債率,同時旗下中環海濱大型發展項目開發周期長,料將繼續拖累股息支付,預測全年每股派息維持1.8元。基於對香港樓市及公司利潤率前景預測,該行將恆地目標價由23.3元下調至18.3元,對應每股資產淨值折讓幅度提升至60%,同時將2024至2025財年利潤預測削減17%。
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