《大行報告》富瑞下調領展(00823.HK)目標價至62元 評級「買入」
富瑞發表報告指,領展(00823.HK)宣布「五供一」供股後昨日(13日)股價下挫13%,雖然供股的稀釋效應將令每單位分派下降,但在資產重新定價下,更為強勁的資產負債表應可支持集團海外擴張。
該行認為,集團目前估值吸引,在利率將見頂時,其租賃前景改善及有強大的收購執行力。富瑞將領展股份目標價由69元降至62元,反映供股造成盈利攤薄及利息開支減省,評級維持「買入」。
該行又預期,跨境消費對必需消費品的溢出效應,將推動領展租金回升,而利率見頂將支持其海外投資回報,加上更健康的資產負債表,認為集團股價回調提供了買入機會。
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