《大行》美銀證券:本地地產股再升或需要更顯着基本面復甦
美銀證券發表報告指,本地地產股在今年以來強勁反彈後,要進一步上升可能需要更顯着的基本面復甦,但即將公佈的中期業績未必能提供正面催化劑。與此同時,恆地(00012.HK)近期發行可換股債券凸顯進一步融資的風險,特別是槓桿較高的地產公司。
該行將信置(00083.HK)的評級從「中性」上調至「買入」,原因包括預計2025財年6.6%的股息率具有吸引力;淨現金狀況降低發行可換股債券的可能性。同時偏好股息高於平均水平且發行可換股債券風險較低的公司,首選爲信置,以及收租股中的太古地產(01972.HK)和領展(00823.HK)。目標價詳見另表。
另外,據報新世界發展(00017.HK)計劃出售11 Skies。美銀證券預計新世界將重新談判收入分成條款。相較於200億元的開發成本,該行對該項目的估值爲70億元,前提是香港機場管理局僅要求20%的收入分成,若無任何分成則爲90億元。對新世界發展槓桿比率的影響取決於項目賬面價值與200億元總投資的比較,以及是否存在項目特定的未償還貸款。
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.