领展房产基金(0823):布局全球的香港REIT龙头 高股息特征护航价值重估

中信建投证券
Feb 28

核心观点领展房产基金是香港首只、也是体量最大的上市REIT,市值占香港REITs 市场近七成,已布局中国香港、内地、澳大利亚、英国、新加坡的154 个物业,总估值达2229 亿港元。领展业绩具备韧性、财务保持稳健,以民生类零售物业为主的香港物业是其业务基本盘,后续有望受益于香港零售市场的整体回暖。领展当前的TTM 股息率近6.8%,高股息特征明显;未来在美元进一步降息、有望纳入港股通的影响下,估值...

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