金吾财讯 | 兴业证券发研报指，太古地产(01972)2025年公司实现收入160.41亿港元，同比+11%；经常性归母净利润62.60亿港元，同比-3%；得益于公司积极处置非核心资产，年内出售迈阿密项目、香港一个工业项目、港岛东中心43楼等回流现金约73亿港元，确认资产处置净利润23.6亿港元，实现基本归母净利润86.20亿港元，同比+27%。2025年公司香港零售物业应占租金收入同比持平，旗下商场维持100%出租率，零售额表现优于香港整体市场；内地零售物业应占租金收入同比+2%，应占零售额同比+7%((2019年高出65%)，上海兴业太古汇、北京三里屯太古里等项目升级改造带动人流与销售大幅增长，内地零售项目整体出租率保持96%-100%高位。2026年是公司新项目开业高峰期，有望支撑公司租金收入维持稳健增长。此外，公司积极出售非核心资产回流现金，该机构认为公司具备维持派息稳健增长的能力。该机构维持“增持”评级，预计公司2026/2027年DPS为1.20/1.26港元，对应2026年3月13日收盘价股息率约4.9%/5.1%。
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