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《外資精點》大和:置富產業收購物業交易吸引,升評級至「買入」 @ 2011-12-30T14: Back Hot News
Keyword:置富
Concept:
置富產業信托(00778.HK)以十九億元,收購本地兩項零售物業。包括以十二億五千萬元收購荃灣麗城花園物業,和以六億五千萬元收購北角和富中心物業。
截至9月底物業出租率及租金分別為93.5%及每方尺31.8元。物業營運開支增9.9%,至6,500萬元,成本對收益比率保持28%。上季借貸成本減11%,至2,410萬元,可分派收益增16.7%,至1.12億元。管理層料,藉收購零售物業以增資產規模,特別是約10萬方尺商場,因較快展現項目翻新及商戶組合提升效果,料投資回報率15%至20%。從置富翻新項目投資回報率看,成績較目標15%優勝,部分項目更錄87%回報,可見管理層擅長中小型商場改善項目。置富持近10億元信貸額度,尚有3個物業仍未作按揭,有足夠財政資源再作收購。按現價算,息率逾7厘,於目前市況具防守性。
新浪財經訊 12月30日消息,置富產業信托現持平於3.84港元,暫成交256萬港元。高盛發表報告,認為置富產業現時估值合理,維持中性評級,目標價定為4港元。高盛表示,置富收購位於荃灣麗城花園及北角和富中心物業資產,收購價分別為12.5億元及6.5億元。該行估計,現有物業組合的估值/租金收入增加12%及14%。

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