《大行報告》交銀國際升領展(00823.HK)評級至「買入」 收購提振股息率
交銀國際發表報告指,領展(00823.HK)在春節假期前公布收購上海七寶萬科廣場餘下50%股權,交易參考價格為52億元人民幣,較評估價值70.6億元人民幣折讓26.3%,物業估計年化收入4.87億元人民幣,以交易參考價格計算,收益率為9.4%,與領展最新的借貸成本相比,收購的成交收益率具吸引力,並可為每股派息提升約1至2仙。
報告指,截至去年9月,領展擁有131億元閑置現金,在2024財政年度並無更多未償還債務。雖然領展已於1月開始回購基金單位,但由於潛在靜默期或資本市場情況的限制,可以使用的資金有限。是次收購對基金單位持有人有利,證明領展有能力透過收購增加股東派息,並繼續擴大其投資組合。
該行認為領展更積極地管理閑置現金,為基金單位持有人帶來更高的長期派息。自1月下旬以來,領展與10年期美國國債的收益率差一直保持在200至250個基點,低於0.7個標準差,接近長期估值水平底部。隨著供股稀釋的影響逐漸消退,目前的估值以及2024年降息前景,將為投資者提供有吸引力的買入機會,目標價由38.8元上調至48.7元,主要由於長期增長率變化及貼現率下調,評級由「中性」上調至「買入」。
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