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麥格理:料領展(0823.HK)或恢復回購 評級“中性”
格隆匯 12-20 11:54

麥格理報告指領展(00823.HK)收購悉尼商業大廈,是公司首次的海外收購,以最新的估值報告計算,淨收入收益率為3.9%。而該大廈有3個租户,租約在2027-30年間到期,每年租金升幅為4%。

該行指,在香港經濟展望轉負面,希望多元化經常性收入來源的策略是良策,更重要是,領展或恢復回購以支持股價和市場情緒,然而投資者或並不完全認同。

該行又指,有關收購部分由當地銀行借貸去繳付,存在外匯和地緣政治風險,而與中國組合比較其似乎上升空間有限,故此有關新收購的貢獻不足以抵銷香港零售市場惡化的表現。

該行維持領展“中性”評級,目標價為至73.31港元。

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