大行評級|星展:上調恒基地產目標價至30.5港元 釋放農地價值
星展發表報吿指出,恒基地產為香港最多農地儲備的發展商,所持的大部分農地集中於北部都會區,透過將農地轉為住宅或其他用途,公司可以優惠的成本獲取開發土地。該行認為,政府向恒地收回北部都會區約500萬方呎的農地,預料補償逾57億港元,相信可為恒地2024年貢獻約31億港元的收益。此外,公司預期將於下半年入賬銷售額超過120億港元,毛利率合理,近期開發物業收益可獲保障。公司亦正提供一些新的住宅開發項目,如紅磡BAKER CIRCLE DOVER招租,迎合目前強勁的租賃需求。
該行對恒地的目標價由28.15港元上調至30.5港元,評級“買入”,看好公司正釋放其在北部都會區的農地儲備中的隱藏價值,且擴展租賃組合將改善其經常性收入基礎,提高盈利質量,長期而言可支持公司提高估值。
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