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《大行报告》麦格理料香港今年零售销售无增长领展(00823.HK)降级至「跑输大市」
阿思达克 07-15 17:27

麦格理发表研究报告,料本港今年下半年零售气氛及销售增长乏力,指今年首五个月零售销售按年跌1.8%,料全年维持疲弱,按年无增长。即使住宅楼价大幅反弹(首六个月按年升9.2%),在本地及国际不确定性下,股市表现具韧性,麦格理仍料本港消费情况维持审慎。旅客消费难有大幅增长。该行不预期领展(00823.HK)占用成本上升,除了资产增值措施相关资产。麦格理估算,占用成本增加,贡献其接近三分之一的续租租金调升率。

报告下调领展投资评级,由「中性」降至「跑输大市」,目标价由72.07元升至82.93元,指领展属过去五年表现最好的本地地产股,升幅131%,板块升幅仅29%,受惠於管理水平高及执行能力强劲,并出售增长饱和的香港资产,收购内地资产,带动高质素资金流转。

麦格理称,领展是唯一一家非家族控制的地产公司,过去五年持续回购,涉额达92亿元。这是股价大升的主要推动力;而其他地产商即使有能力并不愿这样做。报告称,未来12个月,领展计划回购6,000万个基金单位,属该行看淡分析的最大风险。

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