《大行報告》摩通升恆地(00012.HK)目標價至23元 派息不變消除投資者疑慮
摩根大通發表報告指出,恆地(00012.HK)去年基礎盈利按年持平至97億元,剔除陽光房地產基金(00435.HK)及其他一次性項目的公允價值收益,核心盈利按年跌9%,主要由於物業發展業務貢獻下降,以及利息開支上升。公司全年派息1.8元,相當於股息率為7.8%。
該行認為,恆地派息不變消除投資者疑慮,但對股價上行空間有限,因為相對高槓桿;股價與香港樓價高度相關。由於今年股息率預測為7.8%,該行預期股價將維持區間波動。對其目標價由19.5元上調至23元,維持評級「中性」。
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