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大和:上調領展(0823.HK)評級至“買入” 目標價升至97.6港元
格隆匯 12-20 13:56
大和發表報告指,領展(0823.HK) 公佈以6.83億澳元收購位於悉尼100 Market Street、樓高十層的甲級商業樓宇。雖然本次收購可説是以市場價格購買一流資產,但該行視為房託基金以合理及相對低風險的方法,為其單位持有人創造價值。
該行表示,領展本次收購的大樓中只有三個租户,而且租約直至2027年才需續約。由於風險相對較低,認為收購回報屬合理。在調整每年4%的租金上調後,本次投資的淨物業收入(NPI)收益率料將在2021財年提高至4.1%,足以覆蓋澳元貸款的2%利率及租金收入的15%預扣税。
大和對領展評級由“ 跑贏大市 ”上調至“ 買入 ”,目標價由97港元升至97.6港元,並上調其2021及2022財年每基金單位分派預測0.2%至0.3%。該行相信,領展股價在近期回調,提供了良好買入機會。

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