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《大行》瑞銀:領展(00823.HK)潛在分拆可釋放資產價值 帶來股價上行空間
阿思達克 06-10 15:49
瑞銀髮表研報指,有傳領展(00823.HK)正評估分拆海外資產,並於新加坡以房地產投資信託基金(REIT)形式上市的可能性,截至今年3月底止領展的海外資產估值達248億元,佔其總投資組合約11%,當中包括新加坡商場、澳洲寫字樓與商場及英國寫字樓物業等,海外物業應佔年度淨租金總額達14億元,相當於淨資產收益率5.7%。 瑞銀認爲,若分拆最終成事,將釋放領展的資產價值,並加速其輕資產轉型,在樂觀情況下假設按賬面價值剝離資產,估計可帶來1.24億元的潛在持續管理費及60億元的價值釋放,但考慮到資產規模龐大,分階段進行或更可行。 該行又指,分拆後領展可將業務經營重心重新聚焦於香港及中國內地,亦可能帶來進一步股價上行空間,基於估值模型給予目標價44.2元,評級「買入」。
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