《大行報告》富瑞降恆隆地產(00101.HK)目標價至9元 下調今明兩年盈測
富瑞發表報告指出,恆隆地產(00101.HK)去年下半年業績疲弱,儘管董事長變更,管理層預計不會發生策略轉變,保留現金以償還債務和維持股息仍為公司首要任務。此外,公司對新收購不感興趣,將專注於優化現有資產的機會,如擴建Plaza 66 (將於2026年第三季完成)。
該行提及,恆隆地產的淨負債比率去年進一步上升至31.9%,相對於去年上半年為30.4%,2022年為28.1%。管理層預期在杭州、無錫和昆明建設的推動下,今年資本開支高達60億元人民幣。該行假設公司並無有重大資產處置來回收資本的情況下,今年淨負債比率將維持在30%以上。
此外,該行指恆隆地產為保留現金,公司於2023財年提出可以股代息,如持有公司62%的控股公司選擇以股代息,則可節省約22億元現金,並增加5%的股份數量,即約3%攤薄影響。雖然以股代息可減少公司現金流出並顯示陳氏家族的長期承諾,但有關攤薄或部分抵銷公司9%股息率的吸引力。
考慮到租金疲弱,該行將恆隆地產今明兩年盈利預測下調5%至6%,目標價由11元下調至9元,維持「持有」評級,認為公司短期催化劑有限。
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.