大行评级|交银国际:下调恒基地产目标价至23.02港元 物业开发周期仍有不确定性

格隆汇
Yesterday

交银国际发表报告指出,恒基地产去年收入按年下跌8.4%至252.6亿港元,主要受物业开发交付减少影响。香港及内地物业开发税前利润从2023年约43亿港元下降46%至23.1亿港元,但因出售北角Harbour East以及政府农地回收赔偿收益,核心净利润大致持平,按年上升0.7%至97.7亿港元。全年每股派息维持1.8港元,核心派息比率大致维持在约90%。

该行预期,恒地在新项目带动下,2025至2027年租金年复合增长率约13%,同时相信在基数较低的情况下,2026至2027年利润会有所回升,而股息则维持稳定。鉴于物业开发周期仍有不确定性,该行下调目标价至23.02港元,维持“中性”评级。

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