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大和:重申恆地(0012.HK)“買入”評級 目標價52.48港元
格隆匯 10-03 17:12

大和總研發表研究報告指,港府在未來數月冀加速發展新市鎮,料對恆地(0012.HK)的盈利前景帶來正面的影響,農業商業化或能帶來突破,出售農地可以帶來每股股息增長。該行重申其“買入”投資評級,目標價維持52.48港元。

大和表示,恆地在近年的業務策略主要專注在農地、市區舊樓宇、擴大經常性租金收入及銷售非核心資產。大和提到,恆地的農地佔比是在香港最大,截至今年6月底於香港擁有的農地達4590萬平方,而恆地是否能實現農地價值對其收益及業務前景至關重要,該行認為有效利用農地以發展更多新市鎮,是解決房屋問題的最有效及可行方法。

另外,該行指恆地有100萬平方呎的農地可以每平方呎1300港元出售予港府,而基於恆地整體農地平均成本為每平方400港元,該行預期恆地透過出售農地能獲得9億港元收益,而盈利將最快在今年下半年實現。

大和又提到,若古洞北及粉嶺北等地能在未來12-24個月成為可發展的項目,恆地或能在未來數年銷售農地方面有看見盈利,有助其每股股息增長。

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