《藍籌》領展(00823.HK)末期分派每基金單位137.45港仙 按年升3.7%
領展(00823.HK)公布截至3月底止全年業績,收益及物業收入淨額分別按年增長4.8%及5.5%至142.23億港元及106.19億港元主要得益於大部分營運市場的表現均有所改善。於2024/2025年度,可分派總額增長4.6%至70.25億港元,主要由於香港業績相對較好及上海七寶領展廣場的全年貢獻、財務成本減省以及一次性稅項處置及調整,部分增幅被成本(包括未資本化的併購開支)上升所抵銷。
年內每基金單位分派按年上升3.7%至272.34港仙。末期分派為每基金單位137.45港仙,按年升3.7%,將於8月4日派付予於6月25日列基金單位持有人名冊之基金單位持有人。
截至今年3月底的淨負債比率由19.5%升至21.5%。
截至今年3月底香港零售物業組合維持在97.8%的高租用率,期內簽定超過600份新租約;商戶平均每平方呎的每月租金為63.3元,相較上年度的64.4元輕微下跌。
期內領展房託零售商戶銷售額按年下跌3%,表現優於整體零售市場的7%跌幅。租金對銷售額比例維持在13%的健康可持續水平;於年度內續租租金調整率錄得負2.2%。
以人民幣計算,領展房託的中國內地物業組合總收益及物業收入淨額分別按年上升29.7%及28.9%,主要受惠於上海七寶領展廣場的全年貢獻,以及零售資產在資產提升後帶來的穩健表現,包括領展中心城及廣州天河領展廣場。
期內領展房託中國內地零售物業組合的租用率保持高企於95.9%。年內續租租金調整率錄得負0.7%,主要由於北京中關村領展廣場表現未如理想。為吸引更多客流,領展會持續為該項資產升級,聚焦於提升商場的吸引力及強化商戶組合,改善消費者整體體驗。若撇除北京中關村領展廣場,物業組合的續租租金調整率為7.6%正增長。
於回顧年度內,領展斥資約5.753億元,以平均每基金單位價格約33.1元,合共回購約1,730萬個基金單位。
領展展望,在競爭白熱化、成本飆升、電子商務及跨境消費等挑戰下,零售租戶努力應對行業的結構性變化,以致租金負擔能力正在下降。鑑於租賃周期的性質,租金調整及最終對盈利的影響會滯後。此外,由於香港市場持續重整,加上最近的成交顯示估值下降,領展預期香港的資產估值將面臨更大的下行壓力。領展將繼續透過領展3.0戰略,在加強管理團隊的基礎上,進一步推動業務多元化發展。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.