摩根大通发表研报指，新鸿基地产(00016.HK) 2025财年上半年基本利润按年增长17%，相对该行预期按年增10%。虽然上述表现似乎很有前景，但录得按年增长主要基于发展物业预订量大幅增加。若细看，发展物业利润率由34%收窄至15%，预计2025财年下半年的发展物业利润率可能进一步下降。
摩通表示，新地仍是房地产板块中最具韧性的公司之一，其拥有稳健的资产负债表及多元化的业务，至于公司股息按年持平，符合市场预期。不过，该行对公司股息政策将维持不变略感失望，这表明未来股息的可见度或会因发展物业预订量的潜在波动而保持较低。
摩通亦指，新地是香港住宅市场的代表，其股价大多与香港楼价相关。该行预计2025年本港楼价将下跌5%，因而预计新地短期内将维持区间波动，将其目标价定于70元，维持“中性”评级。(js/k)
(港股报价延迟最少十五分钟。沽空资料截至 2025-02-28 12:25。)
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