《大行報告》花旗料市場對領展(00823.HK)倫敦收購反應中性
花旗發表的研究報告指,領展(00823.HK)公布收購倫敦甲級寫字樓,涉資3.71億英鎊(約36.83億港元),該行認為行動對公司繼續擴張海外商業物業市場有支持,認為市場對收購反應中性,因為新的資產僅佔領展整體資產的1.8%,而倫敦亦是領展的新市場,投資者對市場認識亦較淺。
該行指出,物業位於倫敦中央地區並提供餐廳及零售店等,物業於1991年建成並於2020年完成裝修,估值約3.82億英鎊,而收購價則較其估值有0.4%的折讓,加上百分百由英鎊貸款支持,有助減少外匯風險。
該行指出,考慮租金、收購價及開支等,估計物業的回報率約為4.7%,屬合理水平,而現時物業有7名企業租戶,租約逾10年,最大的租戶是國際投行,貢獻48.9%的收入,其餘則為政府部門等,而租約的租金亦會定期審視,並只許加租。
領展估計交易後負債比率將由17.8%升至19.2%,收購將於8月25日完成,而英鎊的融資成本將低於1%,計及20%的稅率,估計每年可供分派收入將增加1.1億港元,而收購完成後領展的資產組合將有83.9%在香港,而內地則佔12.7%,海外則佔3.4%。此外,寫字樓資產佔比將為10.8%,低於公司目標15-20%,故該行料未來領展會繼續投資於海外寫字樓物業,予目標價78.9元,評級「買入」。(el/k) ~
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