大摩:領展(0823.HK)購悉尼甲廈略利好派息 或短期恢復回購
大摩報告指領展(00823.HK)購入一幢位於悉尼100 Market Street、樓高十層的甲級商業樓宇,作價相當於2019及20年的淨收入收益率可為3.9%及4.1%,在2%的借貸成本和15%的預扣税率下,相當收購對盈利有温和正面作用,料影響2021年可分派收入約1%,而負債比率料由今年9月11.9%略為提升至13.5%。該行料交易對每單位派息略有正面作用,公司亦有可能在短期內恢復回購。
該行又指,公司是首次進軍海外,目標是希望在2025年前,增加海外資產比例,達至資產面積中10%以下為海外,20%以下為中國(目前是12%),70%-75%為香港(目前為86%),公司目前亦正研澳洲、新加坡、日本和英國的市場。
該行表示,交易的正面因素包括:香港續租升幅放緩時,收購對派息有幫助;加權平均租約約滿期(以租金收入計)為8.45年,並預設每年租金增長4%,意味租務風險及管理資源較低;澳元匯價目前處於十年低位,未來預期會升值,惟領展將以澳元借款支持收購;收購後預期會恢復回購。
交易的負面因素包括收購估值高、4%的自然增長率較中港兩地收購資產為低,以及公司缺乏海外市場的往績。

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