《大行報告》中金下調領展(00823.HK)目標價至42.5元 評級「跑贏行業」
中金發表研究報告指,領展(00823.HK)2024財年首季的基本面維持穩健,除內地零售物業經營受壓外,香港及海外零售物業恢復狀況良好,寫字樓季末出租率均達90%以上。此外,公司持續進行資產提升業務以優化投資回報。該行認為,集團財務端及資產負債表健康,預計年內借貸成本或有所上升,而2025財年後,集團或面臨一定程度的再融資風險。
該行表示,據公司披露,3月底淨負債比率為17.8%,平均借貸成本為3%,當中,固定利率負債佔總負債的比例為56.8%。對於「領展3.0策略」,該行提到,集團將重點放於表內資產、營運平台、基金管理平台三大核心板塊,關注公司在管物業收入增長,營運效率提升及擴大資產管理規模。該行認為,公司資產類型及地理分佈多元化的資產配置,加上豐富的管理經驗將有助於其實現業績的可持續增長。
考慮到海外利率上行環境下潛在的融資成本上升,該行分別下調集團2024至2025財年的每基金單位分派(DPU)8%,分別至2.57元及2.67元,維持「跑贏行業」評級,下調目標價19.8%至42.5元,主要是反映審慎的分派預期及商業資產價格的調整。
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