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大行評級|大摩:香港地產股偏好九龍倉置業及領展 評級為“增持”
格隆匯 04-12 14:07
摩根士丹利的研究報吿表示,投資者擔心市民北上影響香港零售業,但據仲量聯行的數據,今年首季的零售租務改善,至於中環寫字樓表現明顯跑輸。該行偏好九龍倉置業及領展,多於置地與冠君產業信託。該行對九龍倉置業及領展評級為“增持”,置地為“與大市同步”,而冠君則為“減持”。報吿指,香港零售銷售改善,去年增長16%,今年首兩月升1.4%,推動租金穩定向上,為以零售為主的業主提供穩定盈利。香港市民離港消費令人擔憂,不過大摩認為情況正達頂峯或向穩。在各零售業主股中,因應較為穩定的股息前景,偏好九龍倉置業及領展。置地的股價與中環寫字樓租金有密切關係,縱使估值較低,但中環寫字樓租金持續下降仍為負面因素。冠君中環寫字樓佔比較重,同時面對空置率17%。
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