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《大行報告》富瑞下調領展(00823.HK)目標價至58元 評級「買入」
阿思達克 06-01 10:12
富瑞發表研究報告指,領展(00823.HK)召開分析員會議,管理層給予指引2024財年的本港平均續租租金調整率(rental reversion)為中高單位數,上行空間將取決於市場狀況和執行力度。該行認為,指引偏向保守,因為今年香港零售額可能會以雙位數的速度增長,而餐飲業的表現尤為出色。 該行指,領展管理層並不急於併購,而是專注於以合適的價格獲得合適的資產,可能會是澳洲或新加坡零售或基金平台。集團認為投資基金平台可加快其輕資產業務的增長,但目前尚無具體計劃。鑑於重新部署的選擇有限,目前出售香港資產的可能不大。 該行表示,在集團公布業績後,將其2024至25財年的盈測下調0至5%,主要是由於更高的利息支出。考慮到大致符合預期的業績,該行認為,儘管其利息成本未達標可能對其他房地產公司產生輕微的負面影響,但其股價的回調幅度過大。在盈利調整的背景下,將目標價由62元下調至58元,但鑑於具有吸引力的股息收益率以及在動盪的市場中良好的盈利可見性,維持對該股的正面看法,評級為「買入」。
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