《大行》花旗微降領展(00823.HK)目標價至47.25元 維持「買入」評級
花旗發表報告,考慮領展(00823.HK)約6.5%股息率(較十年期美債收益率溢價200基點,歷史溢價均值190基點)及潛在納入港股通預期,維持「買入」評級,目標價則由47.82元輕微下調至47.25元。該行認為隨著租客銷售額下降及部分零售商(超市、鮮市場、中餐廳等)面臨挑戰,領展今年3月底止下半財年續租租金所錄3至5%跌勢,將延續至明年3月底止現財年。
花旗銀行預計領展2026至27財年每基金單位分派(DPU)按年分別降2.5%及1.5%,其中香港零售續租租金降3%至5%;停車場業務按年增長1至2%;浮動利率債務(177億元,佔比33%)受益於一個月HIBOR下行(年化每下降100基點,DPU則有望提升2.5%)。
報告提及,領展2026及27財年分別有33%、30%本地零售租約到期,但新租約租金可能低於現有水平。教育行業(續租租金有升幅)、餐飲(新引入日本/內地品牌、快餐)、醫療診所及家庭服務等領域租務需求顯現。
花旗表示,鑒於短期租金不確定性,領展將更側重營運效率與成本管控以推動淨物業收入利潤率(4.7%,按年升0.5個百分點)。而內地零售前景分化(深圳/廣州向好,上海穩定,北京疲弱),新加坡及悉尼市場預計續租租金上升,而各地寫字樓市場普遍走軟。
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.