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摩通:下調領展房產基金(0823.HK)目標價至74.2港元 評級“增持”
格隆匯 06-02 11:14

摩通發表研究報告,將領展房產基金(0823.HK)的目標價由98港元下調24.29%至74.2港元,維持“增持”評級。

摩通表示,該公司今財年業績超出了市場的預期,其營運可能在2020年第一季度末已觸底。如果整個香港零售市場都在下跌,摩通認為領展房產基金仍表現出色。

摩通又指,該公司每單位分派略高於市場預期,有望同比升5.9%。管理層承諾每基金單位分派0.14港元。回購800萬股配額將在2021財年繼續進行,但管理層尚未作出具體的下一步計劃。

摩通稱,該公司表現優於香港整體零售業,零售租金增長7%,這意味着該業務在下半年收入增長5.1%,預計下半年的總體租金回報率為7%。鑑於公共衞生事件的影響,租金收入的急劇下降是可以理解的。管理層表示,整體租户的零售總銷售尺價下降1.7%,但最壞的時刻可能已經在3月份過去了,目前總體出租率穩定在14.7%。另外,該公司專注於在內地和海外的擴張。

摩通表示,該公司的回報仍然具有吸引力,目前股價交易的回報收益率為4.9%,比美國十年期國債的收益高出429基點,但以正常的股價交易區間,回報收益率則高出170-200基點。

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