《大行報告》美銀證券:領展(00823.HK)投資物業估值跌幅符預期 評級「買入」
美銀證券發表報告指,領展(00823.HK)公布其投資物業於今年3月底止年度的獨立估值,按半年錄得12%下跌,跌幅符合該行預期,並應被投資者良好預期(股價年初至今下跌18%)。
該行表示,更為重要的是香港爆發新型肺炎疫情後,零售業復甦的力度,以及疫情會否於冬季再次出現。雖然難以預測的疫情帶來下行風險,投資者對零售業的預期亦普遍看淡,但該行認為領展的槓桿率較低,且專注於日常必需品,因此有利好的風險回報。
美銀維持對領展的「買入」評級,目標價78元,預期集團2020財年的每單位分派為2.786元,按年增長2.7%,2021財年則為2.818元,按年上升1.2%。
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