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《大行報告》星展降恆地(00012.HK)目標價至24.7元 評級「買入」
星展發表研究報告指,恆地(00012.HK)去年以22.1億元將北角港匯東全幢商廈出售予李寧(02331.HK)。該行認爲,恆地這次出售資產對公司來說屬於正面,因爲這有助提高盈利,還提高了其財務實力。另一方面,粉嶺北新發展區餘下三幅土地將由政府以現金補償收回,亦爲公司帶來可觀的利潤。由於政府正加快北部都會區的收地工作,恆地將釋放其土地儲備的隱藏價值。 星展表示,恆地擁有全港最大的農地儲備,其中大部分位於北部都會區。該行相信,當前任何有關北部都會區正在發展的利好消息都會爲恆地股價帶來上升空間。由租賃投資組合擴張帶動的經常性收入基礎改善應該會帶來更好的盈利質量,從長遠來看,這應該會支撐更高的股票估值。 該行將集團目標價由26.7元下調至24.7元,評級「買入」。
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