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《大行》瑞銀:領展(00823.HK)分派勝預期 目標價升至44.2元
阿思達克 05-28 09:37
瑞銀研究報告指,領展(00823.HK)2025財年每單位分派按年升4%,較該行預期高3%;物業淨收入升5.5%至106億元,大致符合該行預期。而香港市場的續租租金由上半財年的0.7%正增長,轉為全年錄2.2%負增長;出租率則由去年底的97.1%改善至3月底的97.8%。 該行料續租租金於2026財年將持續錄得低至中單位數的負增長,但有機會於2027財年回復正增長。集團有33%浮息借貸,當中逾半為人民幣貸款,該行料低息環境及即將推出的REITs互聯互通將有助推動股價。 該行將2025至27財年的每單位分派預測上調5至6%,並將目標價由41元升至44.2元,基於較高的物業淨收入利潤及較低行息支出,予「買入」評級。
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