《大行報告》花旗下調新地(00016.HK)目標價至103.3元 為較長冬天做好準備
花旗發表報告指,本港住宅及寫字樓市場自2023年第二季起顯著放緩,致使新地(00016.HK)轉入防守模式,以提升銷售額及更有選擇性地收購,維持營運及財務安全,該行形容是為較長冬天做好準備。
花旗對香港整體房地產市場持審慎態度,但相信新地在新項目幫助下,能夠憑借更好的產品組合和不斷增長的租金收入,繼續在合約銷售方面取得穩定表現。
雖然花旗認為新地2024財年的每股派息可能會下調,但相信2024財年的每股派息可能見底,一旦市場開始復甦,每股派息將有潛在上升空間。
該行降新地2024及2025財年每股盈測分別20.1%及24.3%,以反映更保守的銷售及毛利率預測。並下調估值基礎,資產淨值(NAV)折讓幅度由原先45%擴至50%,目標價相應由127.9元下調至103.3元。維持「買入」評級。
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