《大行報告》大摩料本港零售收租股削中期派息8% 降九倉置業評級至「減持」
摩根士丹利發表報告表示,料本港零售收租股於今年上半年會平均削減派息8%,並基於零售行業今年下半年復甦前景,決定下調對本港今年下半年零售銷售預測,調低本港今年第三季零售銷售預測,由原來跌15%下修至跌20%,下調本港今年第四季零售銷售預測,由原來跌3%下修至跌10%,料疫情會令本港第三季消費活動減慢,並指倘若新一輪新冠疫情持續,本港商場需對租戶增加減免,指喜愛大眾民生商場多於從事銷售耐用消費品的商場。
該行估計,本港零售收租股於今年上半年收入平均按年跌6%,料每股派息跌8%,並料九龍倉置業(01997.HK)每股派息會下挫25%,料冠君產業信託(02778.HK)每基金單位分派跌13%,料置富產業信託(00778.HK)中期每基金單位分派下滑5%,並料領展每基金單位分派會最為穩固。
大摩表示,下調對九龍倉置業投資評級,由「與大市同步」降至「減持」,削目標價14%至30元,以反映其短期面臨削減派息的風險。該行維持對希慎(00014.HK)「與大市同步」,調低對其目標價22%至25元。(wl/k)
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