建银国际发表报告，称领展(00823.HK) 难以避免租金下滑的情况，但认为回购、并购及REITs纳入港股通将可成为股价催化剂，虽然领展落后大市但潜力巨大，因此将其目标价由43元上调至45元，维持“优于大市”评级。
报告称，领展上周举行电话会议并公布截至6月底止首财季经营数据，当中香港商场零售额下降5.9%，略好于香港整体零售市场，预计今财年续租租金调整率将持平。建银国际认为，目前利率下行缓解业主供款压力，同时股市上涨亦带来正财富效应，应能对冲楼价下跌带来的影响，预计领展零售额可能在未来3至6个月见底，预计总下跌幅为8%至10%，续租租金调整率最终下降约3%至5%。
报告又提到，虽然领展香港投资组合的租金可能会下降，但认为领展能通过回购或并购来减轻租金下跌的影响，若公司用尽债务上限，将可动用最多80亿元回购约2亿股份，足以产生高达约8%的每单位分派增长。另外，领展的股份反弹分别滞后于市场及同行的27%及22%，这可能是由于REIT未纳入港股通所导致，预计纳入港股通将成为公司股价的重要催化剂。(mn/u)(港股报价延迟最少十五分钟。沽空资料截至 2024-10-08 16:25。)
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