《大行報告》瑞銀下調越秀房託(00405.HK)目標價至5.1元 評級「買入」
瑞銀發表研究報告指出,越秀房託(00405.HK)中期分派總額為3.43億元人民幣,按年基本持平,較該行預期的約5億元人民幣低,主要由於內地因疫情而部分城市「封城」,加上租金減免措施,對越秀房託的主要城市廣州、上海及武漢經濟環境不利;期內總租金收入及物業收入淨額分別差過該行預期15%及17%。此外,美國加息亦對越秀房託的融資成本帶來負面影響,因其對離岸浮動利率債務的風險敞口很大。
該行對越秀房託2022至2024財年的每基金單位分派(以人民幣計)下調11%至24%,以反映上述的負面影響。但長遠而言,隨著疫情影響消退及市場利率正常化,該行對越秀房託較有信心,維持「買入」評級,目標價由5.6元下調至5.1元。
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