《大行》中金升領展(00823.HK)目標價至47元 年度業績符預期
中金發表研究報告指,領展(00823.HK)2025財年業績符合預期,收入及淨物業收入分別按年增長4.8%及5.5%,每基金單位分派按年升3.7%,每單位淨資產值跌9.6%。
該行表示,領展的區域經營持續分化,公司的香港及內地零售物業經營面臨一定挑戰,截至2025財年末,香港零售物業租金按年減少1.7%,續租租金提價率轉負至2.2%,出租率維持穩定;內地零售物業續租租金漲價率為負3.2%,出租率下滑。此外,公司位於海外物業經營延續良好態勢,新加坡、澳洲零售物業出租率均不低於99%,續租租金漲價率分別達17.8%及4.3%。另外,公司資產組合估值按年跌幅擴大至4.6%,年末資產估值為2,200億元。
該行認為,集團受惠於良好的主動管理能力,經營可望維持韌性。考慮到集團的融資成本下降,上調其2026財年每基金單位分派預測2%至2.72元,又預計2027財年的每基金單位分派2.73元。該行維持集團「跑贏行業」評級,看好其下半年香港紅利資產重估,上調目標價12%至47元。
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