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《大行報告》匯豐研究:本港寫字樓空置率升至12.9%創廿年高 下調希慎(00014.HK)及冠君(02778.HK)目標價
匯豐研究發表報告指,本港寫字樓收租股受到了三重打擊,包括混合工作模式令更多人在家工作、利率上升及寫字樓供應嚴重過剩。雖然本港寫字樓面積嚴重供過於求的現象普遍,但該行認爲,潛在封頂息率擴張和投資物業公允價值潛在下降尚未完全反映在股價。 該行提到,本港寫字樓空置率升至12.9%,創約二十年來新高,甚至高於2003年沙士爆發期間的水平,惟仍低於16%的全球水平。疲弱的市場氣氛和大量新寫字樓供應將加強租戶的議價能力;繼去年跌5.9%後,報告料今年本港寫字樓租金將進一步下降5%至7%(原先料續降3%)。 該行預計,在中環擁有更大敞口的商廈收租股,如置地公司和冠君(02778.HK),將在未來12個月面對盈利壓力。該行下調冠君及希慎(00014.HK)等所覆蓋收租股盈測,目標價相應下降。不過,該行予太古地產(01972.HK)「買入」評級,認爲集團的股息可見度較高,而且購物商場盈利改善足以抵銷寫字樓租金下降的幅度。 匯豐研究發表研究報告,對本港地產股投資評級及目標價表列如下: 股份|投資評級|目標價(港元) 冠君產業信託(02778.HK)|減持|2.2元→2元 希慎(00014.HK)|買入|23.3元→17.8元 太古地產(01972.HK)|買入|18.7元
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