交银国际发表报告指出，恒地(00012.HK) 去年收入按年下跌8.4%至252.6亿元，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43亿元下降46%至23.1亿元，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97.7亿元。全年每股派息维持1.8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%。此外，该行更新对其今明两年物业开发收入及利润预测。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。
交银国际相信恒地稳定的股息分派政策和高股息率可抵御股价下行风险，但鉴于物业开发周期仍有不确定性，下调目标价至23.02元，较该行估算每股资产净值折让60%，维持“中性”评级。(jl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-07 12:25。)
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