《大行報告》高盛:太古地產(01972.HK)藉出售港島東中心物業回收資本 股息6.9%現價被低估
高盛發表報告指,太古地產(01972.HK)以代價54億元,向證監會、投資者賠償有限公司及投資者及理財教育委員會,出售港島東中心共12層辦公樓層。集團會將出售資金變現為現金,所得款項將用於滿足一般營運資金需求。
該行表示,過去幾年,集團一直積極透過出售舊物業,並重新部署新建築來回收資本,又收購多項位於(魚則)魚涌的物業,旨在進一步鞏固其作為該區寫字樓物業「大地主」地位,也是其未來十年1,000億港元投資計劃的一部分。
該行認為,是次的出售對集團的財務影響不大,估計盈利增長甚微,因為淨物業收益率(NPI yield)為3.3%,略低於太古的有效借貸成本的3.9%。整個交易完成後,該行估計集團的淨負債股本比將由上半年底止的10.2%略降至約8.4%。雖然投資者對香港租賃市場的前景仍存在分歧,但該行相信交易再次表明集團回收資本和擴大租務投資組合的意願和能力,這將有助於公司維持未來4%至5%的經常性盈利和股息增長,而2023財年預測股息率為6.9%,認為該估值並不高,現價屬於被低估。該行維持「買入」評級,目標價28元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.