《大行報告》瑞銀下調新地(00016.HK)目標價至106.6元 業績遜預期
瑞銀發表報告指,新地(00016.HK)今年6月底止2023財年核心盈利錄239億港元,按年下跌17%,較該行估計低出13%。末期息維持每股3.7港元,連同中期息,全年度派息維持每股4.95元,意味著基本利潤派息比率為60%。不過,管理層目標是將2024財年的派息率降至介乎40%至50%。至6月底,集團未入賬合約銷售額280億元,當中240億元將於現財年入賬。該行認為,由於派息前景存在不確定性,市場應該會對業績感到失望。
瑞銀將新地2024至2025財年盈利預測下調7%至13%,至介乎260億至270億元,以反映最新的物業發展入賬時間表和下調對其香港發展物業利潤率預測。
在核心純利派息比率為50%的假設下,該行預測新地2024財年每股派息可能會按年下降5%,至4.71元。目標價相應由117元下調至106.6元,評級「買入」。
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