《大行報告》高盛上調領展(00823.HK)目標價至85.5元 評級「買入」
高盛發表報告表示示,領展(00823.HK)2022財年業績大致符合預期,物業經營淨租金收入(NPI)按年增長6.5%,主要來自幾個新收購項目的貢獻。
在第五波疫情爆發期間,領展旗下香港租金收入的增長從上半財年的7.1%放緩至下半財年的3.2%,考慮到市道出現復甦,公司管理層認為對商戶的租金優惠支持已足夠。
該行指領展末期每基金單位分派146.08仙,略低於預期,惟高盛指出,領展繼續履行早前向基金單位持有人返還該筆資本(在此情況下約為1.5億港元)的承諾,認為反映出管理層對其業務基本面投以信任一票,並顯示出公司認為股價被低估。
高盛認為,領展香港購物中心投資組合繼續表現出韌性,全年租戶銷售額增長7.8%,跑處零售大市表現,預期當局放寬社交距離措施,市民增加外出用餐的影響將在未來數月浮現。高盛指,以現價計算領展提供約4.6%的可觀股息收益率,將目標價由84元上調至85.5元,評級「買入」,指屬受惠本港消費復甦槓桿的投資主題首選股。
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