《大行》匯豐研究:本港零售市場呈穩定跡象 看好九置(01997.HK)希慎(00014.HK)
匯豐環球研究報告指出,本港6月零售銷貨價值按年升0.7%,屬早前長期下滑後,連續第二個月增長。正面財富效應為市場提供一定支持,但商場營運商需適應不斷變化的消費模式,短期內租金壓力猶存。在本港收租股中,匯豐看好九龍倉置業(01997.HK)和希慎興業(00014.HK),評級均為「買入」。
匯研表示,總體而言,本港今年上半年零售銷售按年跌3.3%,較2024年全年下降7.3%有所收窄。今年首七個月,入境人數按年增長12%,達到約2,800萬,主要得益於來自中國內地、台灣地區和泰國的旅客量復甦。結合金融市場的正面財富效應,這有助支持消費活動。但匯豐認為,大多數營運商短期內將繼續面臨租金壓力,續租租金下降,認為他們需適應不斷變化的消費模式。
該行表示,儘管整體零售格局仍具挑戰性,但看到改善跡象,包括恆隆地產(00101.HK)上半年租戶銷售按年跌2%,輕微跑贏大市。正面來說,恆隆料入境旅客人次增加,將穩定餐飲業經營。
匯豐研究預期,香港零售將逐步復甦,有助於穩定租金下降的趨勢,而九龍倉置業和希慎興業的商場組合將受益於消費增長,受正面財富效應和訪客人數的增加,支持其股息支付。
以下是匯豐研究對上述看好兩間收租股的目標價及評級:
股票|評級|目標價(港元)
九龍倉置業(01997.HK)|買入|30元
希慎興業(00014.HK)|買入|18.6元
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