《大行》瑞銀:政府收回新田科技城及三寶樹溼地保育公園私人土地 恆地(00012.HK)持610萬尺農地料可受惠
政府昨日(10日)宣佈收回新田科技城及三寶樹溼地保育公園第一期發展用地,首批將涉及約62公頃。瑞銀髮表研究報告指,相信此公佈將爲市場帶來正面驚喜。該行提到,恆地(00012.HK)截至去年12月,在新田科技城持有610萬平方尺的農地儲備。按最新的收地價每平方尺1,032元計算,估計在最極端的情況下,新田科技城的所有農地儲備被收回,恆地可收取高達60億元的現金。在此情況下,恆地將錄得78%的出售利潤率,或49億元的稅前溢利。
瑞銀表示,由於恆地近期以年利率0.5%發行80億元可換股債券,而且收回北部都會區農地的速度加快,並預計下半年住宅市場或較爲強勁,相信恆地更有能力維持其末期股息。該行認爲公司估值具吸引力,重申對該股的「買入」評級,目標價29元。
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