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大摩:料領展(0823.HK)可受惠放寬防疫措施及回購 目標價70港元
格隆匯 09-03 16:08

摩根士丹利發表研究報告指,領展(0823.HK)2021財年首季租金調整轉為負面已是預期之事,預期放寬社交距離措施可持續推動公司改善;同時,公司承諾回購股份及酌情分派股息將可支持近期估值,維持其“與大市同步”評級,目標價為70港元

大摩估計,領展2021財年首季(即今年4至6月)租户零售銷售按年下跌10.8%,但租户租用成本僅升至15.9%,去年同期為14.7%。另外,8月下旬放寬社交距離措施將可減輕大眾零售租户的壓力,尤其是餐飲業,而公司擬斥資5.2億元進行租户支持計劃,相等於20財年可分派收入的7%。

該行又指,管理層計劃於21財年回購至少800萬個基金單位,並維持21及22財年酌情分派每股0.14元,這或可減輕投資者擔心公司如香港地產公司削減股息的憂慮。

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