《大行》花旗:恆地(00012.HK)中環新海濱預租勝預期 料全年派息穩定
花旗發表研究報告指,恆地(00012.HK)中環新海濱3號用地項目第一期中,有約22.34萬平方呎辦公室及配套樓面獲預租,租戶為美國量化交易公司Jane Street,基本月租每平方呎137元,租期為五年,計及裝修補貼等後預計實際租金介乎每平方呎105至115元,較鄰近的國際金融中心現行租金高約10%,並較中環甲廈平均租金高出近40%。
花旗指,當前本港寫字樓市場仍面臨挑戰,考慮到租期及面積,認為此次預租屬好過預期,按基本月租及估算實際計算成本收益率料約4.2%及3.8%,符合恆地香港寫字樓物業2.75%至4.125%的資本化率水平。
該行目前預測集團2025年上半年盈利表現可能疲軟,而全年盈利穩定性則取決於半山衛城道8號等項目是否可於年內推售,以及政府土地收回進展,但預期年度股息將保持穩定,維持「買入」評級,目標價25.6元。
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