大和:重申恒地(0012.HK)“买入”评级 目标价52.48港元
大和总研发表研究报告指,港府在未来数月冀加速发展新市镇,料对恒地(0012.HK)的盈利前景带来正面的影响,农业商业化或能带来突破,出售农地可以带来每股股息增长。该行重申其“买入”投资评级,目标价维持52.48港元。
大和表示,恒地在近年的业务策略主要专注在农地、市区旧楼宇、扩大经常性租金收入及销售非核心资产。大和提到,恒地的农地占比是在香港最大,截至今年6月底于香港拥有的农地达4590万平方呎,而恒地是否能实现农地价值对其收益及业务前景至关重要,该行认为有效利用农地以发展更多新市镇,是解决房屋问题的最有效及可行方法。
另外,该行指恒地有100万平方呎的农地可以每平方呎1300港元出售予港府,而基于恒地整体农地平均成本为每平方呎400港元,该行预期恒地透过出售农地能获得9亿港元收益,而盈利将最快在今年下半年实现。
大和又提到,若古洞北及粉岭北等地能在未来12-24个月成为可发展的项目,恒地或能在未来数年销售农地方面有看见盈利,有助其每股股息增长。
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