《大行報告》高盛下調置富(00778.HK)目標價至6元 評級「沽售」
高盛發表研報指,置富產業信託(00778.HK)今年上半年業績基本符合預期,可供分派收入按年跌2%至4.48億元,主要反映期內香港銀行同業拆息(HIBOR)上升導致借貸成本上升54%。
該行指出,置富上半年收入增長4.7%,部分是由於期內與2022年同期相比沒有再提供租金優惠,如果撇除去年租金優惠的影響,則增長約2%。計及最新租金增長及利息成本預測,高盛將2023至2025年每基金單位分派下調1%至4%,並將目標價從6.3元下調至6元。
該行解釋,雖然置富的租戶銷售可能會逐漸改善,但考慮到其租賃收入組合較為穩定,租戶銷售復甦未必可完全轉化為收入,預測今年下半年每基金單位分派將按年減少4%至20.2港仙,明年全年回升2%至43.5港仙,維持「沽售」評級。
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