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美銀:維持領展(0823.HK)買入評級 目標價74港元
格隆匯 09-16 12:48

美銀證券研報指,維持領展房產基金(0823.HK)買入評級,認為公司將主要受惠於香港防疫政策鬆綁,令香港消費反彈,以及希望公司2021財年租金收入將勝公司及該行預期。該行亦指領展過去10年分派比率及估值吸引。目標價予74港元。

該行引述管理層指,租户看法近期因疫情減退而改善,中國零售亦回覆至正常水平8-9成,公司仍預期明年租金持平或有正面升幅。

該行亦指,公司或未能在預期前,完成回購800萬基金單位計劃,並會於11月重新評估,是否繼續回購行動。

另外,在全球不明朗情況下,領展仍然樂於尋找物業收購機會,未來數年收入確定性肯定較高,惟某些資產,如英國購物商場,可能正處錯誤的物業週期。

電子商務方面,公司亦認識電子商務為本港零售商帶來威脅,而不能自滿於現時的購物體驗、租務政策等。儘管受疫情干擾,公司仍在投資物業,如目標在2021年第3季度完成 CityWalk(深圳)首輪資產提升措施(AEI)。

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