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匯豐證券:維持領展(0823.HK)“買入”評級 目標價96.3港元
格隆匯 12-20 16:42

領展(0823.HK)昨天(19日)宣佈斥資6.83億澳元(摺合約36.7億港元)收購澳洲悉尼一級辦公室大樓。匯豐證券發表研究報告指出,雖然初步物業收入淨額收益率(NPI yield)並不吸引,僅為3.91%,但相信領展將繼續進行收購,以帶動每單位分派(DPU)增長,維持“買入”評級,目標價為96.3港元。

匯證報告預期,領展收購澳洲物業對集團的財務影響有限。雖然NPI不算吸引,但以其加權平均租約到期日8.45年,以及設立租金上調機制(約每年4%)計算,應可為領展帶來穩定的收入增長,本次收購也反映管理層積極尋求多元化組合,以推動DPU增長。

報告又提到領展更新了其投資策略,一級寫字樓佔比會由佔組合價值的12.5%提高至15-20%,海外物業佔比則由零增至不多於10%,中國物業維持於不多於20%。匯證預期,領展未來會進行更多海外收購,以實現2025年組合價值目標,並抵銷香港零售市場增長可能放緩的風險。

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