《大行報告》高盛下調領展(00823.HK)目標價至57.3元 維持「買入」評級
高盛發表報告指,領展(00823.HK)昨日(5日)收市後召開投資者會議,就業務及併購策略作出更新,2024財政年度第一季(今年4月至6月)本港零售租戶的銷售額按年上升4.4%,對比去年同期升幅為6.2%。餐飲及一般零售表現強勁,分別上升12.9%及6.7%,6月底空置率保持在2.1%的低水平,佔用成本維持在12.5%的穩定水平。
在內地七個商場租戶的銷售額較預期緩慢,續租租金輕微倒退。新加坡及澳洲租戶的銷售額大致回復至疫情前水平,租務需求及租用率改善。
領展管理層對業務前景審慎樂觀,預期2024年度香港零售組合續租租金有中至高單位數升幅,新加坡有中單位數升幅,內地則輕微上升。管理層保持有耐性地尋求併購機會,針對主要市場的必需品零售資產。目前領展股息率約7厘,平均借貸成本約4厘,管理層會尋求董事會批准進行回購。
高盛認為領展現價已反映利率再上升的因素,維持「買入」評級,目標價由64元下調至57.3元。
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