金吾财讯 | 交银国际研报指，置富产业信托(00778)公布2025上半年收入同比轻微下降2.0%至8.545亿港元，净物业收入下降3.2%至612.6亿港元，稍逊预期。2025年上半年可供分派收入及每单位派息（DPU）同比上升2.1%/1.0%至3.771亿港元/18.41港仙，大致符合该机构预期（为该机构全年预测DPU37.71港仙之48.8%）。随着+WOO资产提升工程完成，年内出租率同比上升0.9个百分点至95.0%的高水平。另外，置富都会广场资产提升计划延后，置富会把此前清空的部分重新招租，预期下半年整体出租率会进一步改善，并带动租金回升。因HIBOR明显下跌，2025上半年整体平均利息成本为3.5%，同比下降60基点，实际借贷成本同比下降12.6%至1.733亿港元，该机构相信公司下半年节省更多利息开支以支持DPU上升。2025年上半年业绩稳定，大致能保持高出租率平稳，利息开支下降，该机构相信派息全年进一步上升，维持买入评级，目标价不变在5.86港元。
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