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大行評級|美銀:下調領展評級至“中性” 目標價下調至38港元
格隆匯 05-23 11:13

領展將於5月29日(下週三)公佈3月底止全年度業績,美銀證券發表報吿,將領展評級由“買入”降至“中性”,目標價由44港元下調至38港元。雖然市場已知領展面對流向深圳的零售銷售壓力,但需要幾長時間才能將情況穩定下來仍存在不確定性。

該行指,潛在續租租金向下調整可能會限制領展在香港的零售租金收入,進而限制未來一至兩年的每單位可分配收入增長,2024至2026財年的年均複合增長率料為負1.3%。該行相信,領展12.5%健康的香港租户租用成本將抵銷租金大幅下滑的影響,並相信其估值亦將提供支持。不過,該行預計即將到來的將REITs納入港股通不會引來大量南下買盤,因為內地投資者已經有很多高息股的選擇。

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