【券商聚焦】交银国际首予置富产业信托(00778)买入评级 目标价5.86港元

金吾财讯
13 Dec 2024

金吾财讯 | 交银国际发研报指,按市值计算,置富产业信托(00778)目前是香港联交所上市的第三大房地产投资信托基金。截至2024上半年,置富产业信托拥有约300万平方尺的以香港为重点的零售投资组合,超过72%租户属于日常必需品行业。该行认为,置富产业信托具有多重投资优势和股价驱动因素,包括稳定的盈利前景、低估值、进一步降息以及潜在纳入沪深港通都有利于REITs的估值。该行认为置富产业信托的租金收入前景可以保持基本稳定。与此同时,目前股价对应2025年股息率9.4%,该股息率与10年期美国国债收益率的差距较长期水平低约1.1个标准差。该行认为目前的估值仍远低于其长期平均水平,并已反映了香港零售市场的大部分忧虑。虽然高利率仍将对2024年盈利产生负面影响,但该行预计每单位派息将在持续降息的情况下从2025年开始恢复增长。该行预计其每单位派息将于2024/25/26年同比增长-10.0%/3.8%/4.1%至36.34/37.71/39.26港仙。首次覆盖置富产业信托,给予买入评级。根据基于DDM模型得出的公允价值,加上30%的流动性折让,得出目标价5.86港元。

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