《大行》摩通:恆地(00012.HK)預租中環海濱辦公樓面 租金水平勝預期
摩根大通發表研究報告指,恆地(00012.HK)宣布旗下中環新海濱3號用地項目第一期有22.3萬平方呎辦公室及配套樓面獲預租,基本月租為每平方呎137元。摩通估算,實際淨租金約為每呎110元,按項目總開發成本650億元計,初始成本毛收益率料達為3.3%,考慮到目前香港寫字樓租賃市場存在一定挑戰性,認為該租金水平勝過市場預期,將貢獻恆地年度租金收入的約3%。
摩通對恆地維持「增持」評級,認為集團可提供約7%的股息回報率,在市面上仍屬較吸引水平(目前預測上半年股息將持平,下半年則可能取決於資產處置進展),同時亦受惠於HIBOR下降,目標價25元,對應每股資產淨值預測有56%折讓。
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