《大行報告》大摩料本港全年零售銷售按年增18% 看好收租股
摩根士丹利發表報告指,本港零售租金於第三季按季增長加快,而寫字樓市場方面雖然佔用率略有改善,但租金下降幅度更大,整體而言本地地產股現價估值都較便宜,目前傾向選擇以零售租賃為主業的公司,首選希慎興業(00014.HK)及領展(00823.HK),評級「增持」,目標價分別為30元及44元。
該行指出,今年首八個月本港零售銷售按年增長19%,儘管存在人民幣貶值及港人出境旅遊增加等不利因素,但仍然預計全年零售銷售額可錄得約18%按年升幅,憧憬零售物業租金全年將提升5%,推動收租股盈利表現,預期九龍倉置業(01997.HK)、希慎及領展都將受惠。
大摩將今年全年寫字樓物業租金預測從原來的按年持平,下調至跌5%,指出第三季香港辦公室租金整體按季跌2.3%,跌幅較次季的1.1%擴大,按年比較跌幅更達到6%,當中中環租金按季減2.9%,是連續第五個季度錄得下跌。
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