大行评级丨小摩:领展香港即期租金持续回稳,维持“增持”评级

格隆汇
5 hours ago
摩根大通发表研报指,领展6月底止首财季营运数据显示香港即期租金持续回稳,但商户销售表现略为令人失望。报告指出,领展香港物业的商户销售额在首季同比下跌1.1%,逊于市场预期的轻微正增长,亦跑输香港必需消费品零售销售同比增长3.7%的表现。香港即期租金按季跌幅进一步收窄至0.5%。管理层预期2027财年上半年租金重订幅度为负中单位数,较2026财年负高单位数有所改善,但全年指引仍维持负高单位数。 该行认为,领展最新数据未带来惊喜,但仍看好其前景,主要由于即期租金回稳及租金重订幅度有望于2028财年改善;投资者或从地产发展商转向收租股;持续的单位回购;以及6.5%的收益率仍为香港地产股流动性最高之一。该行维持领展“增持”评级,目标价43港元。

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