大行评级丨里昂:下调信和置业目标价至11.3港元,重申“跑赢大市”评级

格隆汇
Sep 02
里昂发表报告指,信和置业2026财年基础溢利同比下跌6%至47.89亿港元,大致符合该行预测。盈利下滑主要受利息收入减少、税项开支上升及净租金收入转弱所影响。即使完成三幅土地收购,净现金增加57亿港元至551亿港元。全年每股股息维持于0.58港元,隐含基础派息比率为113%,股息收益率为5.7%。该行认为,其不断增加的净现金状况,相对同业已提供日益明显的价值差异,既具备充裕能力把握投资机会,亦可缓冲潜在利率上升的不利影响。该行将2027财年/2028财年盈利预测分别下调3%/8.2%,以反映项目完工时间变动,目标价由12.1港元下调至11.3港元,以计及近期住宅市场的不利因素,重申“跑赢大市”评级。

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