大華繼顯:料零售租金將反彈 升房地產信託板塊評級至“增持”
大華繼顯發表研究報吿指,香港5月份零售銷售按年增長10.5%,較預期的6.9%為高,預計政府的消費券計劃將在短期內促進零售市道。同時,該行留意到,香港的疫苗接種率一直在顯著增加,有望令社交距離限制及出入境限制在未來6個月內放寬。由於預期零售租金下半年將會反彈,該行上調房地產信託基金板塊評級至“增持”,首選為領展房產基金(0823.HK)和九龍倉置業(1997.HK)。
大華繼顯表示,政府的消費券計劃將推動今年香港零售增長360億港元,該金額亦佔2020年3264.5億港元零售銷售的11%,表現影響可能會很大。該行預期,中低端零售如一段零售、餐飲和超市將從中受惠。
該行指出,今年初香港疫苗接種速度較慢,但隨着不同的激勵措施推出,令接種率提高。由於更高的疫苗接種率等,現時旅遊氣泡將更有可能成功實施,而預期短期內會推出的包括香港與新加坡、澳門或內地之間的旅遊氣泡。旅遊業的增長將有助零售市道有顯著改善。
此外,該行又指,由於租金尚未穩定,因此對於寫字樓持謹慎態度,但租賃活動正在回升,因為中環等核心地區的租金已降至更合理的水平,吸引更多企業重回相關地區。
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