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大和:希慎(0014.HK)業績表現具韌性 重申買入評級
格隆匯 08-11 13:09

大和發表研究報告指,希慎(0014.HK)在困難時期中業績表現具韌性,可能逐漸被視為專業管理的房地產投資信託基金,重申其買入評級及目標價48.6港元。

大和認為,希慎的投資組合表現好於預期。儘管受疫情影響,但其辦公室和零售租金僅分別按年下跌0.2%和10%;截至6月底,其辦公室和零售組合空置率分別保持在4%和6%的適度水平,這亦反映出希慎在香港商用物業領域中可建立出合適自己及客户羣,將有助於保護公司免受整體市場疲弱影響。

該行認為,希慎的資產負債表持續改善可進一步提供緩衝帶,並預計其大埔豪宅項目將在未來幾個月內準備開售,料為公司提供更多現金流入。此外,該行又指,希慎沒有以行業環境充滿挑戰為由削減股息,表現出對投資者的利益而努力,也是家族地產公司進步的標誌,並認為可以將希慎看作是銅鑼灣房地產投資信託基金(REITS),如果公司能夠表現出持續維持派息增長的承諾,相信希慎日後的定傾可更像REITS,而不是傳統的地產公司。

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