有少許擔心過新地買了多幅貴重市區土地後的財政狀況，從最新業積報告得知，直至2019年底，新地的負債比率才17.8%，利息覆蓋率11倍頗為安全。集團剛在上月發行8億美元十年期債券年息僅2.75%，這就足見新地的商譽是何等級數，看來我杞人憂天的老無病，始終改不掉。
新地半年收租127.1億港元(下同)，溢利96.6億元；賣樓162億元，溢利68.5億元，42%毛利率，賣樓依然超好賺，難怪地產業能一技獨秀，加上全港最多大的土地儲備，新地再次蟬聯香港地產商龍頭之位。半年期業績有輕微倒退，在此市勢亦可諒解，中期股息維持1.25元。
現價110.8元 市盈率7.14倍 股息率4.46% 市值3210億元
I think among all lands bought by 016.HK from open market over past 2 years, the West Kowloon land is the best(cheapest!).
回覆刪除016.HK can do better.
If 016.HK exercises "share buy-backs" instead of always buying lands at open market prices, its PB can be higher than now(i.e. share price goes up).
At 31Dec2019, its NAV = HK$196.6/share(This may be undervalued too!).
PB = 110.8/196.6 = 0.56(i.e. 44% discount)
In HK, it's not easy to buy a land at 44% discounts of open market value!
For this(not doing "share buy-backs), I say 016.HK management are "not doing good".
^_^
If under $100 ,I will buy a lot of it
刪除我之前在108 左右買左d。
回覆刪除如果再跌應會再買多d。
你又點睇恆地。我最擔心佢煤氣業務。
Kit
我較喜16
刪除If so, your buying cost is cheaper than mine.
回覆刪除My average bought in cost should be approx. HK$115.5, just according to my memory.) but excluding cash dividends received for approx. 2 years.
Billy Sir, ..."a lot of it" must be thought carefully by that time, ... cause our economic is changing ... and there may be alternatives ... Maybe you are manageable if you are mentally prepared to do "stocks switching" when holding a certain weighting portfolio member.
Good Luck!
^_^
Thanks, 1/2 of my cash will buy HKMC Annuity. Not so much money left for me
刪除