金吾财讯 | 交银国际研报指，顺丰房托(02191)2025年上半年收入同比上升1.2%至2.25亿港元，物业收入净额上升3.43%至1.86亿港元，可分派收入为1.19亿港元，大致符合该机构预期。上半年每单位分派为13.10港仙，环比上升约3.2%。该机构预期全年分派比率仍为90%。截至2025年6月底，公司整体出租率为97.5%。该机构相信其投资组合仍然可以在2025年获得适度的收入增长，但在2026年顺丰控股续约后，公司可能面临租金下调的压力。截至2025上半年末，公司总借贷约24.78亿港元，期内公司的平均借贷成本为3.95%，比2024年6月/12月分别下降44个/27个基点。该机构相信，进一步降息会有助缓解公司2026年租金潜在下降的影响。该机构下调2025-2027年的收入及每单位分派的预测，而该机构相信利率的下降有助缓和物流地产市场的租金压力。该机构仍然维持买入评级及目标价3.84港元。
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