《大行報告》摩通下調領展(00823.HK)目標價至51元 評級「增持」
摩根大通發表研究報告指,領展(00823.HK)是九龍倉置業(01997.HK)的良好投資替代品。雖然兩隻股票之間相關程度高,但它們的股息相差300個基點。目前領展與美國10年期債券的利差為240個基點,而歷史平均水平為178個基點。該行維持領展「增持」評級,目標價由63元下調至51元。
該行認為,目前香港對零售業前景的負面情緒對領展的香港零售投資組合來說相對正面,不過,集團表現仍受到美國10年期國債收益率上升及首席執行官以低於配股價的價格出售股票所影響。該行認為當前的估值是非常好的買入位。另外,基於該行對遊客消費復甦的負面看法和估值差異,建議投資者由九龍倉置業轉向領展。
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