智通财经APP获悉，摩根大通发布研报称，华润置地(01109)折让约9.6%配售约2.2%华润万象生活(01209)股份，首先排除流动性压力原因，因配售所得款项约21亿港元相对只是小数目，对集团的净负债率影响不大。该行相信，配售主要目的是希望增加华润万象生活股份的流动性，因早前集团举行的投资者会议中亦有讨论过股份流动性不足的问题。该行现予润地目标价35港元，华润万象生活目标价44.5港元，评级均为“增持”。
另外，从润地的盈利而言，该行原先预期集团2025年核心净利润将同比下降5%，此预测已纳入出售昆山万象预期所得的约20至30亿元人民币的处置收益。但如果出售事项延迟至明年，集团2025年盈利或同比跌10至15%。巧合地，是次配售所得约21亿港元与潜在处置收益规模相若。因此，配售或可降低股息下行风险。不过，明年润地来自华润万象生活的股息收入将减少约9,700万元人民币。
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