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《大行報告》美銀證券微降領展(00823.HK)目標價至79元 評級「買入」
阿思達克 04-04 14:11
美銀證券發表報告,在上周五(4月1日)舉行的領展(00823.HK)投資者日後,重申予其「買入」評級,是該行最偏好的本地疫後重啟受惠者,因為領展在餐飲業覆蓋度最高,加上消費券計劃應能促進本地消費。由於租金減免和利息支出的增加,導致每單位可分配收入預測下降,將目標價由80元下調至79元。 報告指出,去年4月至12月,領展的香港零售租戶銷售額增長10.4%,意味去年9月至12月增長13%,至於出租成本下降至12.8%,而去年12月出租率達到97.9%的歷史新高。因此該行有信心,一旦第五波疫情減褪,領展的香港零售銷售業務將迅速反彈。此外,合理的出租成本也預示著,如果零售業銷售回升,領展旗下零售物業2023財年的租金將出現回升。目前領展尚未用完2月宣布的1.2億元「商戶同舟計劃」,並認為租金減免總額將低於兩年前的水平。 美銀證券指,雖然內地有零星的疫情爆發,但截至2021年12月,領展內地的零售業出租率仍保持穩固,達到92.4%;上海近期封城可能引致租金減免。至於重啟邊境的澳洲,有利領展正在收購的悉尼零售資產。另外,赤柱廣場仍在進行出售,目前為止,領展對感興趣的買家數量感到鼓舞。
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