《大行報告》大摩升置富產業信託(00778.HK)評級至「與大市同步」 目標價上調至7.4元
摩根士丹利發表研究報告指出,置富產業信託(00778.HK)中期每基金單位分派23.05仙,派息率恢復至100%是正面的驚喜,較該行預期的90%更高;物業收入淨額跌6%,大致符合預期。期內,續租租金的負增長幅度,由2021年的負10%收窄至今年上半年的負中個位數。公司已續簽55%今年到期的租約,該行認為今年下半年的續租租金調整回歸中性。
此外,港元拆息(HIBOR)在6月前維持低位,上半年置富的融資成本按年僅增長3%,相信加息對置富的影響可控,料HIBOR每上調100基點,意味著每基金單位分派將下跌2.7%,與同業平均水平相若。其 70%的利息成本已進行對沖。
摩根士丹利指出,由於受疫情嚴控的社交距離措施打擊,置富股價年初至今累跌17%,跑輸同業。不過,該行相信最壞的情況已經結束,因為本港政府擬放寬疫情防控措施,並預期在經濟成本高企下,不會恢復有如上半年的嚴格防疫措施。因此,在零售前景穩定的情況下,估計置富可維持100%的派息率。該行對其2022至2024年的可分配收入預測,分別上調1%、3%及5%,每基金單位分派升12%、8%及4%。目標價由6.6元上調至7.4元,評級由「減持」升至「與大市同步」。
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