《大行報告》瑞銀下調領展(00823.HK)目標價至62.5元 評級「買入」
瑞銀發表研究報告指,領展(00823.HK)透露了更多輕資產轉型戰略的細節,目標是從有機或併購GAV增長、通過共同投資管理第三方及提供管理服務,擴大資產管理規模(AUM)。該行以其他中國物流案例研究為例,估計在資金管理模型中,與自建項目相比,項目內部收益率及年化回報率可能高出1倍及2.8倍。然而,執行風險仍然是一個關鍵,因為計劃需要時間獲得資本合夥人信任、長期的高利率環境、持續的地緣政治風險可能導致香港或中國資產的利息下降、新收購機會的可能性。
該行認為,領展可能無法像其他亞太區房地產管理公司一樣收取高額費用,因為其缺乏業績記錄和專注於舊經濟。該行提到,管理層指引其淨負債率在最近的供股後已降至20%以下,並擁有95億元的可用現金,可以抓住區域房地產重新定價所帶來的任何機會。管理層又強調,未來12至18個月沒有進一步再融資的需要。
該行下調集團2023至25財年的每基金單位分派預測9至12%,及降盈測13至19%,以反映股權被稀釋的影響,將目標價下調9.5%至62.5元,評級為「買入」。
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