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《大行》瑞銀料恆地(00012.HK)上半年基本盈利按年跌50% 缺乏一次性收益
阿思達克 07-08 10:06
瑞銀發表報告,預計恆地(00012.HK)上半年基本盈利將按年下跌50%至27億港元,主要由於沒有一次性出售收益;租金收入錄得中個位數跌幅;及煤氣的盈利貢獻輕微下跌。儘管如此,該行預期恆地將維持穩定的中期派息0.5元,僅佔全年派息的28%。評級「買入」,目標價29元。 該行指,由於缺乏農地收地及一次性資產出售,將2025財政年度盈利預測下調14%至80億元,認為恆地能否維持1.3元末期息將取決於下半年的合約銷售表現。根據市場數據,恆地於首五個月在香港的應佔合約銷售額為45億元。 此外,該行指,由於恆地80%的債務為浮動息率基準,近期香港銀行同業拆息大幅下降對恆地而言是正面的發展。估計利率下跌100個基點可節省約9億元現金,並為推高盈利3至4億元。
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