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一文綜合大行於領展(00823.HK)公布業績後最新評級、目標價及觀點
領展房產基金(00823.HK)昨每基金單位下跌4%後,今早回升2.4%,現報51元。匯豐環球研究表示,領展2023財年上半財年業績弱於預期,認為投資者正等待集團旗下核心本港物業租合復甦,重申對其「買入」評級,下調目標價由88.5元降至64元。 領展昨日(9日)公布截至今年9月底止中期業績,可分派總額達32.77億元,按年跌1.8%。期內沒有酌情分派,對比去年酌情分派共1.46億元。每基金單位分派155.51仙,按年跌近2.6%。撇除去年同期的每基金單位酌情分派,期內每基金單位中期分派增長1.9%,指目前提供2023財年股息回報6.2厘及估值相當預測市賬率0.62倍。 期內收益及物業收入淨額分別按年增長4.6%及4.5%,達到60.42億元及45.87億元。香港物業組合收益總額及物業收入淨額分別按年增長4.3%及5.3%,整體租金收繳率則維持96%。零售租用率維持97.5%,平均續租租金調整率升至8.5%。內地物業組合收益總額按年增長3.3%,物業收入淨額受疫情影響錄得1.2%按年跌幅,期內整體租金收繳率為90%。 【季績符預期 前景仍看好】 里昂表示,領展2023財年上半財年業績符合該行預期,每基金單位分派下跌2.6%,料旗下本港業務可受惠租金重整,重申對其「跑贏大市」評級,基於美債息率較高因素下,決定調低對領展目標價由76元降至56.3元。 摩根大通表示,重申對領展「增持」評級,下調對其目標價由90.1元降至63元,因對其估值預測延伸至2023年12月,對其長期前景仍然看好,估計其收購步代將會放慢。 --------------- 本網列出9間券商對領展的投資評級及目標價: 券商│投資評級│目標價(港元) 花旗│買入│87.2元->65.5元 瑞銀│買入│80.6元 高盛│買入│78.3元->69.6元 美銀證券│買入│67元 匯豐環球研究│買入│88.5元->64元 摩根大通│增持│90.1元->63元 海通國際│跑贏大市│62.4元 摩根士丹利│與大市同步│60元 里昂│跑贏大市│76元->56.3元 券商|觀點 花旗│業績符合預期,但盈利及派息受到利率環境影響 瑞銀│中期業績略高於預期,潛在引入資本合作夥伴 高盛│中期業績與預期基本一致,料香港及內地租金將積極調整 美銀證券│對新收購持更謹慎態度 匯豐環球研究│中期業績遜預期,料投資者對領展項目競標未太活躍 摩根大通│料放緩收購步伐,對其長期前景持建設性態度 海通國際│對每基金分派下降並不感到意外,料本港業務續復甦 摩根士丹利│年化收益率高於預期,財務成本增加 里昂│中期業績符預期,預計放緩收購步伐,或將資金用作回購
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