大行評級|瑞銀:上調領展房產基金目標價至39.4港元 股價的短期催化劑有限
瑞銀髮表報吿指,領展房產基金明年3月底止現財年(2025財年)下半年前景指引謹慎。雖然近期租户銷售額的跌幅已趨穩定及收窄,但管理層表示2025財年下半年續租租金回升幅度將低於今年9月底止上半財年的0.7%。最新整體租金對銷售額比例達到13.1%,公司希望維持在14%以下。與此同時,領展首要任務是維持出租率,並與租户保持良好關係。
瑞銀指,幾間領先的上市零售租户,例如即譚仔國際和大快活已發出盈警。因此,由於三年前的租户銷售基數較高,預期領展續租租金可能會在現財年下半年轉為負值,並在2026財年進一步加速跌幅至5%。瑞銀提到,由於美國10年期國債孳息率由9月中的3.6%升至4.5%,認為領展股價的短期催化劑有限,維持“中性”評級,目標價由38港元升至39.4港元。
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