《大行》摩通:地產股短期或獲利回吐 建議增持太古地產(01972.HK)領展(00823.HK)
摩根大通發表報告,指恆地(00012.HK)產提議發行80億港元的可轉換債券(CB)。鑑於近期股價表現強勁,此次融資或許並不完全意外,但選擇可轉換債券略為令人意外,因為這在香港地產公司中並非常用方式。鑑於其低成本(0.5%的票面利率),該行認為這可能促使其他發展商(即使是財務狀況較好的公司)探索可轉換債券作為降低平均融資成本的方式。
對於股權融資(供股/配售),該行認為槓桿率較高(例如淨負債率超過40%)和/或近期股價表現優異的公司可能面臨較高風險。在該行覆蓋的公司中,新世界發展(00017.HK)仍是最有可能進行供股的公司。自6月中旬以來,香港地產板塊跑贏恆生指數8%。然而,最新可轉換債券發行加上香港銀行同業拆息(HIBOR)上升,可能引發短期獲利回吐(特別是恆地)。在股價回調時,該行建議增持具有明顯催化劑的股票:太古地產(01972.HK)(回購+中國零售業務改善)及領展(00823.HK)(納入南向通+資本循環)。對於恆地,在市場消化可能疲弱的2025年上半年業績(該行預測受2024年上半年一次性項目的影響,淨利潤將按年下降46%)後,該行會選擇買入。從戰術角度看,該行也看好九龍倉置業(01997.HK)可望追落後。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.