星展:降冠君产业信托(02778)目标价至2.1港元 维持“持有”评级

智通财经
Aug 22, 2025

智通财经APP获悉,星展发布研报称,冠君产业信托(02778)上半年可分派收入同比跌12.6%至4.76亿港元,大致符合该行预期。考虑到租金前景具挑战性,收益率吸引力有限,该行维持“持有”评级,目标价由原先2.21港元降至2.1港元。

该行认为,写字楼租金前景仍具挑战,虽然花园道三号今年到期的租约已全部续租,但续租租金下滑将持续压制公司的租金收入前景,负面影响预计将超过HIBOR下降以致利息成本减少的正面影响,从而抑制短期每单位分派(DPU)的增长。

另外,虽然中环的租赁活动略有回暖,但空置率高企令整体写字楼租金持续承压,将继续影响花园道三号及朗豪坊办公大楼的续租租金增长前景,两个项目共占公司上半年净物业收入约69%。

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