星展:料領展(0823.HK)回購可支持基金價格 維持“買入”評級
星展發表的研究報告指,領展房產基金(00823.HK)現價計算2020-21財年股息率約為1.8-2.1%,考慮到其租金收入大多是來自民生舖,認為其盈利表現在經濟週期內仍能維持穩定,而相對其他地標性商場,領展的零售物業亦較少受示威等事件影響,而回購亦為其單位價格提供了強勁的支持,相信在不穩的市場中算是較安全的選擇,維持對其“買入”評級,目標價96.6港元。
該行指出去年12月領展同意斥6.83億澳元收購悉尼的寫字樓物業,該物業現時全部已租出,估計其淨物業收益率約為4%,領展將尋求貸款以支持相關收購,融資成本約為2%,意味交易立即能帶來收益。該行認為領展除了在香港及中國外,亦傾向在澳洲、新加坡、日本及英國尋找機會增加投資,而領展亦更新了其2025目標,期望香港、中國及其他市場在其投資組合佔比將分別為70-75%、少於20%及少於10%,而寫字樓則料佔其組合的15-20%。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.