金吾财讯 | 交银国际研报指，美联储在9月17日的联邦公开市场委员会会议上宣布，下调基准利率25个基点，目标区间降至4%-4.25%，为2025年首次降息，并暗示未来将进一步降息。该机构认为，降息进程将在2025年剩余时间和2026年持续，这将有利于提振香港房地产公司表现。另外，在9月17日发布的施政报告中，公布更灵活土地收地和交换模式，该机构认为北部都会区加快开发将有助于恒基地产(00012)将其在该地区的庞大农田土地储备变现。该机构相信利率进一步下行后，恒基地产核心业务短期风险已有所下降，基于美联储降息带来的市场资金流动性、资产价值提升预期以及北部都会区农地可能加速变现的影响，该机构上调对公司资产净值预测至每股65.4港元（前为57.6港元）。同时，该机构轻微上调2025-27年利润预测以反映利息开支减少的影响，并上调对恒基评级至买入，按50%（前为55%）资产净值折让估值，目标价上调至32.68港元（前为25.90港元）。
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