《大行報告》匯豐研究下調領展(00823.HK)目標價至90.2元 評級「買入」
匯豐研究發表報告表示,雖然受到Omicron影響,但領展(00823.HK)積極的項目收購可以促進每單位可分配收入的增長,維持 「買入」評級,目標價略由90.4元下調至90.2元。
報告指,領展在投資者日提供了最新的營運情況,整體投資組合顯示出改善的跡象,包括出租率。該行注意到,至去年12月底,領展香港零售組合的租金與銷售比率已恢復到疫情前的水平,即12.8%。
該行引述領展管理層指,雖然第五波疫情對領展在香港的零售組合造成影響,但與2020年疫情開始時相比,今次的影響並不嚴重。至於1.2億元的「商戶同舟計劃」的使用目前在預算範圍內,政府的消費券計劃應能抵銷一些影響。該行預計,一旦放寬社交距離限制措施,領展的零售業務將迅速改善。
另外,匯豐研究指,領展一直在積極推行多元化的收購策略,以推動2025願景計劃中強調的投資組合增長。在過去的兩年里,公司已斥逾240億元收購幾個項目。管理層預計,最近擬收購的8個澳洲項目,包括3個零售物業和5個商廈,將在今年第二季度完成。
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