金吾财讯 | 汇丰研究发表研究报告指出，预期恒基地产(00012)2025年上半年盈利将录得约50%按年跌幅，主要由于缺乏去年同期约25亿港元（单位下同）的一次性收益，包括出售海港东大厦及农地收回的收益。该机构指出，恒基地产是板块内杠杆率较高的公司之一，截至2024年底净杠杆率为21%。盈利应受惠于一个月HIBOR降低及降息周期带来的利息节省。根据香港交易所，恒基地产近期发行80亿元0.5%可转换债券，到期于2030年7月，相当于其总债务的9%。该利率远低于2024财年整体借贷成本4.5%。该行估计每年利息节省达3.2亿元，相当于2024年盈利的3.3%。该机构续指，恒地于2024年底持有4200万平方尺农地储备，为香港发展商中最大之一。其中在北部都会区的新田科技城拥有约610万平方尺土地。按照最新每平方尺1032元的赔偿率计算，如果全部被政府收回，将可获得超过60亿元收益。该机构维持对恒地“买入”评级，目标价34.2元不变。该行认为，随着借贷成本下降及销售表现改善，将有利公司业务发展。
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