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《大行》匯豐研究升領展(00823.HK)目標價至45元 料分派維持韌性
阿思達克 05-28 11:28
匯豐研究發表研報指,領展(00823.HK)2025財年下半年業績勝預期,每基金單位分派增長3.7%至1.375元。雖然預期香港投資組合仍受到市場表現疲弱所影響,而且租戶續約料成市場關注重點,拖累每基金單位分派增長勢頭或放緩,但匯豐研究相信領展的亞洲投資組合多元化,可支持分派維持韌性。 匯豐研究經濟團隊預測今明兩年美國累計減息幅度將不超過75基點,而考慮到領展有領展三分之一債務屬浮息借款,預期可受惠於香港銀行同業拆息回落,其借貸成本從2024財年的3.8%降至2025財年的3.6%,並將2026至2027財年每基金單位分派預測上調2.8%至3.7%,以反映借貸成本下降。 領展管理人領展資產管理早前宣布將積極拓展新推出的基金管理業務領展房地產投資(LREP),匯豐研究預期該業務如果能夠成功,將為領展開拓新盈利增長點,維持「買入」評級,目標價從44.6元上調至45元。
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