大行評級|大華繼顯:香港收租股首選九龍倉置業 目標價上調至26.5港元
大華繼顯發表研究報告指,雖然香港零售銷售下跌,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。
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,該行首選九龍倉置業,因其浮息貸款比例最高,且手持核心地區的高端資產,目標價上調至26.5港元,反映預期全年派息率達4.8%。領展目標價上調至48.48港元,預計2026財年每單位分派率爲5.5%。而希慎目標價上調至15.43港元,反映全年股息率目標爲7%。以上股份均獲“買入”評級。
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