瑞银:香港3月零售销售胜预期 看好九龙仓置业(01997)、希慎地产(00014)及领展房产基金(00823)

智通财经网
May 07

智通财经APP获悉,瑞银发布研报称,对希慎地产(00014)的目标价为22.4港元,投资评级为“中性”; 对九龙仓置业(01997)目标价为23港元,投资评级为“中性”;领展房产基金(00823)的目标价为42港元,投资评级为“买入”。

瑞银称,政府统计处昨公布,3月零售业总销货价值临时估计为339亿港元,同比上升12.8%,连升11个月,高于市场预期升9.4%;首两月合计零售业总销货价值的修订估计同比升11.8%;首季零售业总销货价值的临时估计同比升12.1%,数据超出该行先前预期的高个位数增长。此次超预期增长主要得益于:i)金价走强;ii)新款 iPhone 需求持续强劲;以及iii)在首次注册税豁免到期前提前购买电动车。若剔除豁免的消费性电子产品(同比增30%)及一次性汽车及零组件销售(同比增81%,3月份零售销售额仍将年增8%,较2026年首两个月的9%略有放缓。

瑞银认为,香港3月零售销售业绩优于预期,对以非必需消费品为主的零售房地产商,例如九仓置业和希慎,具有积极的参考价值。尽管如此,油价长期高企仍是主要的下行风险,因为内地游客入境人数减少可能预示着人均消费疲软。相反,香港居民出境旅游减少可能对社区购物中心营运商有利,因为香港消费通常会从中受益。在此背景下,该行认为领展相对受益。

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