瑞银发表报告指，领展(00823.HK) 举行2025财年上半年的静默期前电话会议。管理层强调，香港零售业销售在结构性调整中面临逆境，其香港租户销售在2025财年第一季录得5.9%的按年跌幅，表现疲弱，与2024财政年增长0.4%相比有所恶化，但管理层认为租户销售跌幅在2025财年第二季有稳定的迹象，因为租户今年以来的销售按年跌幅已收窄至4至5%。最新的租金对销售额比例从2024财年的12.6%微升至13.4%，升幅为0.8个百分点。
该行指，到目前为止，领展仍能在2025财年第一季至第二季实现轻微的续租租金调整率回升，但预期在2025财年下半年会进一步放缓。管理层预期未来3至6个月续租租金调整率幅度不会显著反弹。该行预期股价对会议内容反应大致中性，目标价由35.6元升至38元，评级“中性”。(ha/w)(港股报价延迟最少十五分钟。沽空资料截至 2024-10-03 16:25。)
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