《大行報告》瑞信下調領展(00823.HK)目標價至91元 評級「跑贏大市」
瑞信發表報告表示,領展(00823.HK)即於6月1日公布全年度業績,公司於本月初已發通告預期因應物業估值下降,以及為租戶提供優惠而錄虧損。不過該行料領展年度可分派收入維持穩定,全年分派2.822元,相等於股息回報為4.1%。
該行指,因應挑戰增加以及較弱的經濟環境,領展租金收入穩定,防守性會較其他收租股為好,主因其必需品店舖佔比較高,以及資產負債表強健。
瑞信表示,領展旗下零售組合,包括飲食業和教育相關行業大受疫情影響,不過隨著社交距離限制措施放寬見改善,降2020至2022年每基金單位分派分別3.3%、10.5%及9.2%,以反映對商戶提供的優惠措施,以及下調續租租金升幅預期,目標價由99.2元降至91元,維持「跑贏大市」評級。
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