里昂证券最新研究报告指出，信和置业（00083）在2026财年的基础溢利按年减少6%，达到47.89亿港元，这一结果与该行的预测基本相符。考虑到项目完工时间表的变动，该行已将其2027财年和2028财年的盈利预测分别下调了3%和8.2%。
基于近期住宅市场面临的不利因素，里昂将信和置业的目标价从12.1港元调整至11.3港元，同时重申其“跑赢大市”的投资评级。该行分析认为，此次盈利下滑主要归因于利息收入减少、税项开支上升以及净租金收入表现疲软。
尽管年内完成了三幅土地收购，信和置业的净现金规模仍逆势增加57亿港元，达到551亿港元。公司全年每股股息维持在0.58港元，对应的隐含基础派息比率高达113%，以当前股价计算的股息收益率为5.7%。
该行强调，信和置业持续增强的净现金头寸，相较于同业正展现出日益显著的估值差异化优势。这不仅赋予其充足的能力去把握潜在的投资机遇，同时也能有效缓冲未来利率可能上行所带来的负面影响。
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