匯豐研究:零售物業收租股勝商廈收租股 首選領展(0823.HK)及恆隆地產(0101.HK)
匯豐研究發表報告指,8月份香港零售銷售按年跌23%,遜市場預期的14%,是連續七個月下跌,而跌幅更是比1998年亞洲金融危機時更大,但趨勢大致符預期。而零售管理協會預期,9月份的表現與8月份相若。該行發現必需品和非必需品的開支差距擴大,必需品表現持平,而非必需品進一步下跌,其中黃金及珠寶類跌47.7%,而服飾亦跌32.1%。商場中以非必需品為主的零售收租股影響會較大。
該行指零售業短期仍存挑戰。莎莎(00178.HK)亦已發盈警,預期至9月上半年的銷售按年跌29%;普拉達(01918.HK)決定不再續租於明年6月到期的銅鑼灣旗艦店,公司上次於香港關店是2016年12月;周生生(00116.HK)預期黃金週期間生意按年跌30%。
該行表示,領展(00823.HK)、恆隆地產(00101.HK)較寫字樓收租股吸引。領展以必需品為主,相信可以維持穩定派息,股份回購亦有助支持股價。恆隆地產則受惠內地商業項目增長,從而帶動租金收入增長。寫字樓收租股股價則會受壓,因目前多區租金正開始調整。
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