《大行報告》花旗:領展(00823.HK)與Oxford Properties組合營 料市場整體反應中性
花旗發表研究報告指,領展(00823.HK)宣佈與國際房地產投資集團Oxford Properties籌組合資公司,對其在中港以外地區持續擴張商業物業市場表示普遍支持,雖然交易初始收益率增幅並不顯着,但投資組合的總入住率爲92.6%,長期加權平均到期租賃期(WALE)超過5.8年,內部年化租金上漲幅度約4%,料將帶來持續的正租金增長。
該行預計,新資產僅佔領展總投資組合價值的1.5%,估計未來12個月收益率增長達0.9%,交易預期於今年上半年完成,相信市場對此次收購總體反應中性,給予「買入」評級,目標價89.8元。
領展估計收購完成後參考負債比率將輕微增加至24.6%,加上2.75%的增量融資成本及15%的預扣稅,預計可分派收入將增加至6,100萬港元,每基金單位可派2.9港仙。考慮到新收購的投資組合每年租金可上漲4%,入住率有可能進一步提高,帶來持續正增長,未來領展預期將繼續關注更多國際資產,實現投資組合多元化。
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