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《大行報告》花旗降恆地(00012.HK)目標價至17.7元 派息持平產生更多負現金流
花旗發表報告指,欣賞恆地(00012.HK)在控股股東大力支持(股東貸款增至624億元)下保持穩定的每股派息。另外,除了預計每年70億至80億元的資本支出外,恆地仍需要支付87億元的股息和69億元的總利息支出,而這些支出僅由68億元的淨租金利潤和27億元的煤氣股息支持。 花旗認為,恆地成功把握近期住宅需求激增的機遇,實現快速售樓,但該行對目前因政策放鬆而出現的成交量反彈的可持續性持懷疑態度。該行認為,恆地派恆地息持平將產生更多負現金流,續予「沽售」評級,目標價由17.8元微降17.7元。
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