《大行報告》高盛降領展(00823.HK)評級至「中性」 下調目標價至68.9元
領展(00823.HK)上周五(10日)收市後公布上市以來首次供股,擬以每單位44.2元「五供一」,集資188億元。高盛發表報告,認為市場對領展是次行動感意外,因管理層此前曾提到滿意低於30%的資產負債率。而於最近收購新加坡零售資產後,公司的總債務佔總資產比率約為27%。
該行表示,供股對領展的每單位分派會帶來稀釋,估計其2024年及2025年的單位分派將被稀釋約10%。基於公允估值,高盛將領展的投資評級由「買入」降至「中性」,目標價由69.6元下調至68.9元。
高盛提到,領展未來會否進一步估值新評,將取決於公司確保盈利及每單位分派增值所作收購的能力,以彌補供股對單位分派造成的稀釋,而較高的利率水平或使其計劃更難執行。
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