大和:下調領展(0823.HK)目標價至97港元 評級“跑贏大市”
大和報告指領展(00823.HK)中期收入及淨物業收入分別按年增長8.2%及8.3%,每基金單位分派按年增加8.3%至1.42元,認為此業績表現確認了其物業組合的表現具彈性,再加上近年來已收購或開發的物業持續增加,顯示公司有能力應對香港零售市場面對的挑戰及不確定。
該行認為,公司在中國的投資前景良好,兩項新收購的項目包括京通羅斯福廣場及深圳福田之怡景中心城的續租租金調整率均有四成以上,帶動整體內地零售物業組合的平均續租租金調整率在上半財年達31.5%。該行相信其在內地的4家商場都具備成為地區領先購物商場的條件,並在中國中產消費增長加快下處於良好定位。
領展在上半財年回購近1,300萬股股份,平均價格為87.3元。公司已確定有意在2020財年底前完成回購6,000萬股的目標。該行相信公司將很快恢復回購,而這將有助支持其股價。監於香港零售市場的不確定性存在,將公司的目標價由原來的100.8港元下調至97港元,重申其“跑贏大市”投資評級。

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