---
title: "《大行》大摩：新地中期息勝預期  惟 2.8% 隱含股息率欠吸引力"
description: "大摩報告指出，新地中期每股派息按年增長 3%，超出預期，但 2.8% 的隱含股息率不具吸引力。上半財年合約銷售額約 174 億元，全年銷售額預計超 300 億元。香港寫字樓與零售前景積極，淨負債比率降至 13.5%，實際利率 3% 使利息支出下降 37%。大摩給予新地「增持」評級，目標價 120 元。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/277132548.md"
published_at: "2026-02-27T02:23:09.000Z"
---

# 《大行》大摩：新地中期息勝預期  惟 2.8% 隱含股息率欠吸引力

> 大摩報告指出，新地中期每股派息按年增長 3%，超出預期，但 2.8% 的隱含股息率不具吸引力。上半財年合約銷售額約 174 億元，全年銷售額預計超 300 億元。香港寫字樓與零售前景積極，淨負債比率降至 13.5%，實際利率 3% 使利息支出下降 37%。大摩給予新地「增持」評級，目標價 120 元。

大摩發表報告指，新地 (00016.HK) 去年 12 月底止上半財年每股派息按年增長 3%，好過預期，惟隱含股息收益率 2.8% 欠具吸引力。

報告指，上半財年集團於香港錄得的合約銷售額約 174 億元，年初至今額外售出 90 億元。全年度銷售額料將超越 300 億元的全年指引。另外，香港寫字樓與零售前景均呈積極態勢。

另外，該行指新地淨負債比率進一步降至 13.5%。3% 的實際利率使利息支出按年下降 37%。

該行予新地「增持」評級，目標價 120 元。

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