《大行》大華繼顯:收租股首選九置(01997.HK) 目標價升至26.5元
大華繼顯研究報告指,雖然本港零售銷售下跌,以及空置率創新高,但該行仍然見到一些輕微改善的跡象,包括今年首季過夜旅客的開支及餐飲業的收入輕微上升。基於本地的流動性改善,加上市民短期對日本的興趣下降,該行料夏季本地消費將有輕微改善,以致零售銷售的跌幅可收窄。
另外,雖然該行料HIBOR將於下半年回升,但平均水平仍較去年低100至150個基點。綜觀各個經營零售租賃的地產商中,料九倉置業(01997.HK)最受惠,因其浮息貸款的比例最高,估算今年HIBOR平均按年跌100至200個基點,九置的基礎利潤將增加3.9%至7.7%。
該行將行業評級升至「與市場同步」,因預期香港市場流動性改善及美國即將減息1至2次,令今年整體市場利率會較去年低。而無風險利率(risk-free rates)較低可減少地產商財務成本及支持行業估值,更重要是該行預期本地零售銷售將有輕微改善。
股份方面,該行首選九置,因其浮息貸款比例最高,且手持核心地區的高端資產;目標價升10.7%至26.5元,反映預期全年派息率達4.8%。領展(00823.HK)目標價升8%至48.48元,預計2026財年每單位分派率為5.5%。而希慎(00014.HK)目標價升9%至15.43元,反映全年股息率目標為7%;以上股份均獲「買入」評級。
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.