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《大行》高盛微降恆地(00012.HK)目標價至19.3元 維持「沽售」評級
阿思達克 08-21 10:39
高盛研究報告指,恆地(00012.HK)上半年每股盈利0.6元,按年跌8%,較去年下半年跌11%。期內來自土地收回的稅前收益2.4億元,相比去年同期的土地收回及投資物業處置收益為25億元。剔除一次性收益及IP重估影響,經常性基本每股盈利0.58元,按年跌4%,較該行預期低11%,主要因物業發展(DP)利潤率低於預期。中期股息維持每股0.5元,符合該行預期。截至2025年6月底,負債比率約21%,與去年末持平,若計入母公司貸款則負債比率約43%,較去年下半年升2個百分點。 該行將2025至27財年基本每股盈利預測分別上調5%、下調1%及下調2%,至1.58元、1.8元及1.8元,股息預測維持1.8元不變。預期未來三年平均派息比率約105%,對比過去五年平均約78%。目標價微降1.5%至19.3元,維持「沽售」評級。
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