《大行報告》大摩降恆隆地產(00101.HK)目標價至13元 去年派息持平為正面信號
摩根士丹利發表報告,下調對恆隆地產(00101.HK)今明兩年每股盈利預測20%及12%,反映租務收入下降、物業銷售放緩及利息支出上升。基於物業銷售今年入賬,今年每股盈利料按年升15%。該行預計皓日及武漢項目的除息稅前溢利(EBIT)分別為1.5億及3.3億元,並考慮到藍塘道發展項目出售一個單位錄得的8,000萬元。該行下調對恆隆地產目標價4%至13元,反映淨債務上升,但維持「增持」評級。
該行指,受內地消費持續放緩影響,恆隆地產股價隨內房及本地地產股去估值,但認為公司維持全年派息每股78仙為正面訊號,亦預期公司現金盈利改善、資本開支見頂及淨債務率在2024年至2026年間下跌。其中今年至2026年內地及香港住宅銷售將達20億至30億元,利息支出應在息率見頂下回落,把部分去年股息改為派發股份將有助節省今年的現金流出。
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