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大行評級|摩根大通:香港地產股短期或獲利回吐 建議增持太古地產、領展
格隆匯 07-09 10:59

摩根大通發表報告,指恆基地產提議發行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爲令人意外,因爲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),該行認爲這可能促使其他發展商(即使是財務狀況較好的公司)探索可轉換債券作爲降低平均融資成本的方式。

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。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(回購+內地零售業務改善)及領展(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可望追落後。

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