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《大行報告》花旗降冠君產業信託(02778.HK)目標價至3.5元 評級「沽售」
阿思達克 02-22 10:16
花旗發表研究報告指,冠君產業信託(02778.HK)管理層透露,由於宏觀環境具不確定性及疫情的長期影響,預期2022財年辦公室及零售業仍將面臨挑戰,並預計2022財年可分配收入水平較低。 寫字樓業務發展目前仍然負面,前景持續疲弱,其中去年花園道三號的新租及續租租金下降,空置率較高。該行認為,雖然現有租戶租金穩定在目前水平,但預期花園道三號在未來1至2年內仍將有租約到期,租金水平預期將再下調。朗豪坊寫字樓方面,由於美容及醫療保健租戶需求回升,出租率提升至96.3%,但整體租金收入仍回落。期內商舖租戶銷售遜於整體市場表現,花旗指出,Omicron 疫情爆發可能引發新一輪租金優惠。 去年每基金單位分派(DPU)為0.2279 元,按年跌8.7%,較該行預期低4%,分派比率按年下調5個百分點至90%。花旗認為,2022財年5.3%的收益率在DPU增長前景為負的情況下並沒有吸引力,將2022至2023財年DPU預測下調2%至7% ,並維持「沽售」評級,目標價由3.57元下調至3.5元。
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