《大行報告》高盛下調新地(00016.HK)目標價至112元 下半財年基本每股盈利遜預期
高盛發表研報指,新地(00016.HK)2023下半財年基礎每股盈利4.98元,按年增長4%,但較該行預測低約8%,相信是由於期內香港物業發展業務入賬少於預期所致。
不過該行亦指出,期內新地的淨利息支出、來自聯營公司與合資企業的利潤貢獻,以及有效稅率均好於預期,部分抵銷物業發展業務表現低於預期的影響。派息方面,管理層表示有意維持每股派息為4.95元,又指出40%至50%的派息比率屬正常水平。
考慮到下半財年表現,高盛將2024及2025財年每股盈利預測相應下調20%及14%,2024財年資產淨值預測亦下調9%,而每股派息預測維持不變,目標價從116元下調至112元,並維持「中性」評級。
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