You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行报告》花旗料市场对领展(00823.HK)伦敦收购反应中性
阿思达克 07-27 10:12
花旗发表的研究报告指,领展(00823.HK)公布收购伦敦甲级写字楼,涉资3.71亿英镑(约36.83亿港元),该行认为行动对公司继续扩张海外商业物业市场有支持,认为市场对收购反应中性,因为新的资产仅占领展整体资产的1.8%,而伦敦亦是领展的新市场,投资者对市场认识亦较浅。

该行指出,物业位於伦敦中央地区并提供餐厅及零售店等,物业於1991年建成并於2020年完成装修,估值约3.82亿英镑,而收购价则较其估值有0.4%的折让,加上百分百由英镑贷款支持,有助减少外汇风险。

该行指出,考虑租金、收购价及开支等,估计物业的回报率约为4.7%,属合理水平,而现时物业有7名企业租户,租约逾10年,最大的租户是国际投行,贡献48.9%的收入,其余则为政府部门等,而租约的租金亦会定期审视,并只许加租。

领展估计交易後负债比率将由17.8%升至19.2%,收购将於8月25日完成,而英镑的融资成本将低於1%,计及20%的税率,估计每年可供分派收入将增加1.1亿港元,而收购完成後领展的资产组合将有83.9%在香港,而内地则占12.7%,海外则占3.4%。此外,写字楼资产占比将为10.8%,低於公司目标15-20%,故该行料未来领展会继续投资於海外写字楼物业,予目标价78.9元,评级「买入」。(el/k) ~

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account