智通财经APP获悉，摩根士丹利发布研报称，新鸿基地产(00016)全年每股盈利持平，派息符合预期，派息率维持50%水平，意味股息率达4.1%。公司管理层目前不考虑回购股份或设立C-REIT。该行现予新地目标价102.3港元，此按综合方式作估值，相当于每股资产净值折让50%，评级“增持”。
业务方面，本地物业发展全年合约销售额达423亿元，而去年同期为256亿元，集团目标2026财年为300亿港元。该行预计新地2026财年将录得超过300亿元的未入账销售，利润率水平相近。
另外，虽然续租租金录得负增长，但公司对香港写字楼及零售市场前景仍然持建设性看法。2026至2027财年，预计来自九龙高铁站上盖IGC及上海徐家汇中心(ITC)的投资物业收入将显著提升。新鸿基地产净负债率亦由2025上半财年的17.8%降至全年15.1%。受惠于增加人民币及港元浮动利率债务配置，融资成本由去年同期的4.4%降至3.7%。
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