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大行評級|交銀國際:下調恆基地產目標價至23.02港元 物業開發週期仍有不確定性
格隆匯 04-07 13:20

交銀國際發表報告指出,恆基地產去年收入按年下跌8.4%至252.6億港元,主要受物業開發交付減少影響。香港及內地物業開發稅前利潤從2023年約43億港元下降46%至23.1億港元,但因出售北角Harbour East以及政府農地回收賠償收益,核心淨利潤大致持平,按年上升0.7%至97.7億港元。全年每股派息維持1.8港元,核心派息比率大致維持在約90%。

該行預期,恆地在新項目帶動下,2025至2027年租金年複合增長率約13%,同時相信在基數較低的情況下,2026至2027年利潤會有所回升,而股息則維持穩定。鑑於物業開發週期仍有不確定性,該行下調目標價至23.02港元,維持“中性”評級。

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