里昂证券最新研究报告指出，信和置业在2026财年的基础溢利按年下降6%，录得47.89亿港元，这一表现基本与该行预期相符。报告将此归因于利息收入缩减、税项负担加重以及净租金收入走弱等多重因素叠加。
基于项目完工时间表的变动，该行已下调其对2027及2028财年的盈利预测，降幅分别为3%与8.2%。因此，其目标股价由先前的12.1港元下调至11.3港元，以反映当前住宅市场所面临的不利因素。尽管如此，里昂仍维持其“跑赢大市”的投资评级。
值得关注的是，尽管年内完成了三幅地块的收购，信和置业的净现金水平依然增加57亿港元，总额达到551亿港元。公司全年每股股息维持在0.58港元，以此计算，隐含的基础派息比率为113%，而对应的股息收益率为5.7%。
该行分析认为，信和置业持续增长的净现金头寸，相较于同业已构成日益显著的估值差异化优势。这不仅赋予其充足的资金实力以捕捉未来的投资契机，同时亦为其提供了抵御潜在利率上行的有效缓冲。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.