金吾财讯 | 交银国际发研报指，领展房产基金(00823)公布其2025财年上半年业绩，收入/净物业收入分别同比增长6.4%/5.8%至71.53亿/53.59亿港元，可分配收入同比增长4.3%至34.76亿港元，每单位派息同比增长3.7%至134.89港仙，比市场预期约129港仙高约4.5%。中国香港零售部分期内租金调整率达+0.7%，出租率维持在98%的高水平，零售总收入增长2.6%至38.29亿港元。另外，中国内地以及新加坡零售物业组合期内分别录得-3.2%及+18.9%的租金调整率。该行预计，2025财年整体租金水平可以保持大致稳定。截至2025财年上半年，领展的平均借贷成本为3.69%，比2024财年底的3.78%有所下降，该行预计公司未来平均借贷成本会保持稳中有降。该行认为2025财年上半年业绩稳定，派息比市场预期好，同时展现出领展以必需消费为主的香港零售组合面对北上消费的韧性。基于DDM，该行保持目标价47.70港元不变，维持买入评级。
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