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《大行報告》大摩:領展(00823.HK)與地區同業比較估值未夠吸引
阿思達克 03-04 14:33
摩根士丹利發表研究報告,指出最近下調領展(00823.HK)投資評級後,投資者普遍理解該行最近下調公司投資評級的論點,但認為在股價調整下,定價已反映該些負面因素;有人認為若公司的派息維持在中單位數,則其估值仍算合理;部分投資者相信業務在目前的熊市仍具有韌性,並會在疫情穩定下來後很快反彈。但大摩反駁指,若將領展與地區同業比較,其估值仍未夠吸引。另外,收益率擴張仍未完全反映出增長放緩的因素。該行又認為,增長放緩的問題是結構性的,目前租戶的出租成本已接近舒適水平。另外,公司的股份在過去市場從低基數中復甦時,都表現欠佳。該行認同過去領展的管理層都有良好的執行力,並在香港及內地有良好的往績,但寫字樓是增長緩慢的資產,而零售業務亦受到電商的衝擊。有市場聲音指公司在此輪回購計劃後會再進行回購,因為目前市淨率為0.77倍,該行指出,這會與公司過去一直喜歡擴大投資組合的做法背道而馳,回購是為了抵銷因出售資產而產生租金損失影響的工具。該行預期集團2019-22年每基金單位分派(DPU)年複合增長率由2017-19年的9%降至6%,目標價看73元,評級「減持」。
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