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大行評級|交銀國際:下調領展目標價至47.7港元 租金前景可保持穩定
格隆匯 05-30 10:33

交銀國際發表報吿指出,領展2024財年收入與淨物業收入分別按年增長11%及9.5%,至135.78億及100.7億港元。可分配收入按年增長6.4%至67.18億港元,基本符合該行預期。然而,2024財年下半年的每單位派息(DPU)按年增長11.6%至112.57港仙,全年DPU為262.65港仙,比市場預期約258港仙高約2%。每單位資產淨值按年下跌5.4%至70.02港元。

管理層認為北上消費的影響在今年首季已趨緩,並預計2025財年的香港零售租金可保持穩定。此外,該行認為領展總現金餘額約100億元,如果沒有快速而明確的收購目標,預計領展將利用該些現金,以進一步減少負債和回購以提高每股派息。

考慮到領展仍將繼續面臨多重不利因素,包括利息成本維持高水平、勞動力成本上升等,但該行依然預計領展的收入和可分配收入將在2025財年大致保持穩定。該行輕微下調領展2025與2026財年DPU預測1.6及2.7%,目標價由48.7港元下調至47.7港元,維持“買入”評級。

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