《大行報告》匯豐研究下調領展(00823.HK)目標價至88.5元 評級「買入」
匯豐研究發表報告,指領展(00823.HK)股價自3月上升14%,跑贏恆指,其2022財年度業績表現再次確認該行對其正面的看法,指其本港零售業務正逐步復甦,海外投資亦開始見成效。領展是該行看好的股份名單之一。基於現有的投資組合,該行預計其每個基金單位分派將在2022-2024財年以4.8%的複合年增長率增長。
雖然因應第五波疫情,領展將「商戶同舟計劃」支援金額由1.2億元上調至2.2億元,但該行認為集團本港整體零售物業租戶業務仍具韌性,今年租金增長達2.7%。
該行將領展2023和2024年的每基金單位分派預測分別下調2.5%和1.8%,反映在香港市場須提供的租金優惠和略高的利息成本。將其目標價由90.2元下調至88.5元,維持評級「買入」。
匯豐研究預期,集團將繼續收購以推動其每基金單位分派增長。在過去數月,該行得悉集團聘請數位來自萬科及宏利等資深管理層,為未來收購項目作好準備。
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