智通财经APP获悉，晨星发布研报称，维持对无护城河的领展房产基金(00823)45港元的公允价值预测，对该公司的的预测保持不变。报告指，该公司每单位基金分派目前被低估，交易价格较晨星的估值折让18%。领展是该行追踪的香港房地产股票中的首选。该行预测其2026财年每单位基金分派为2.57港元，这意味着7%的股息率,颇具吸引力，相信这对不在乎短期调整压力的投资者来说极具吸引力。
晨星表示,领展公布2026财年首9个月的运营数据,整体零售物业出租率超过95%，香港零售物业续租租金为 -7.5%。这一表现符合该行预期。管理层表示，香港零售物业续租租金为负,反映上一租赁周期中,随著边境重新开放,租金温和回升。续租租金为负数可能持续至2027财年(截至3月)。
不过正面的一面是，近几个月来，香港和中国内地各购物中心的租户销售额有所改善，主要得益于租户组合的优化。该行预计这将提振租户信心，并支撑租金从2028财年开始逐步回升。国际零售物业组合依然保持韧性，这得益于新加坡有限的零售供应以及澳洲消费者信心的逐步改善。该行预计领展的海外资产将继续实现稳定的租金增长。
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