《大行報告》花旗削領展(00823.HK)目標價至65.5元 評級「買入」
花旗發表報告下調領展(00823.HK)目標價,由87.2元降至65.5元,維持「買入」評級。該行指,領展近期疲弱大致基於更進取的美聯儲加息展望,以及領展競購新加坡40億新加坡元的商業物業組合,引發投資者擔心領展中標後的槓桿。但報告引述領展管理層指,目前不推動任何大規模併購,認為領展不會買入該新加坡組合,消除其中一項不利因素。
該行亦指,領展全年度業績受多項因素影響,增長動力包括香港零售續組平均加租8.5%推動零售收人增長,香港停車場租金收入增長持續強勁,以及澳洲辦公室與零售組合收入開始全面入賬,但利率上升,匯兌影響及內地辦公室租務收入疲弱造成抵銷。該行料領展全年度每單位分派將按年持平。
該行認為,領展目前6%派息率以及穩定及上升的每單位分派展望,對長期投資者屬吸引,但主要下行風險仍為美聯儲進取加息預期。
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