《大行報告》摩通相信本土消費將成市場焦點 維持領展(00823.HK)「增持」評級
摩根大通發表研報指,領展(00823.HK)股價近期回調主要是受美國10年期國債表現的影響,指出歷史數據顯示,在對經濟走強的預期下,收益率上升對房託基金股價有利。該行指出,預計領展大部分增長將來自未來的收購,亦為股價帶來動力,由於在短期內未有通關跡象,認為以領展等本地消費為主業的公司將重新成為市場關注焦點,維持對其「增持」評級。
報告稱,領展自今年3月底以來經營表現持續改善,整體租金回調已調至低單位數,租戶銷售增長僅較2019年同期低數個百分點,認為近期領展的經營表現支持該行3%至4%內生增長的預期。
領展在過去一年收購交易額達118億元,房地產資產淨值增長約6.3%,在不違反公司30%的資產負債率指引下,估計其資產管理規模將以每年約8.4%的速度增長,每年投資額料可達120億元,基於每股資產淨值預測,給予目標價87元。
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