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大行評級|交銀國際:維持新世界發展“買入”評級 2024財年上半年業績平穩 投資物業組合進入收成期

交銀國際發佈研報指,新世界發展(0017 HK)2024財年上半年業績穩定,收入達170 億港元,來自持續經營業務之核心盈利同比上升12%至48.6億港元,主要歸因於利潤率提升以及成本椌制。中期股息每股0.2港元。

房地產開發收入為67.4億港元,經營利潤同比上升9.7%至39.5億港元。此外,公司預期香港市場在政策放鬆後成交量會上升40-50%,並會在下半財年加快推售其啟德以及黃竹坑項目,同時上調處置非核心資產目標至80億港元。

香港/內地的租金收入分別同比增加17.0%/3.7%,綜合經營利潤率提升1.3個百分點至65.6%。新世界預期整體租金對收入貢獻可從今年約30%增加到2026年約50%,而該行預計租金收入將在2024至2026財年實現約23%的年均複合增長率。

該行相信約0.13倍的市淨率(同行平均0.3-0.4倍)已充分反映市場對其負債之擔憂,並可能在近期政府放寬樓市措施下獲得重估。基於資產淨值估算每股63.2港元和75%折讓(均不變),維持目標價15.8港元,維持“買入”評級。

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