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《大行報告》美銀證券:「港匯東」去年底賬面值27.33億 料恆地(00012.HK)22.08億出售項目蒙受約5.2億元虧損
美銀證券發表報告指,恆地(00012.HK)以22.08億元出售北角商廈「港匯東」全幢予李寧(02331.HK),平均呎價約1.53萬元,交易對恆地而言屬溫和正面,以上半年業績計算,交易所得令淨負債比率由24%降至23%。本港住宅樓市溫和、公司淨負債較高,但該股估值不算高,資產淨值(NAV)折讓61%、股息率8.5%,維持「中性」評級,目標價22.7元,若果要獲重估,公司需要作出較大規模的資產出售,例如中環新海濱商業項目的持股。 該行認為交易合理,主要因為物業位於非核心區域,以及本港寫字樓市道仍然疲弱。出售價格反映物業的退出收益率(net exit yield)為2.4%,交易將於明年6月28日前完成。以去年底物業賬面值27.33億元計算,恆地可能因此而錄得虧損約5.2億元,反映公司的投資物業資本化率(cap rate)相對緊張。
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