金吾财讯 | 建银国际发研报指，领展房产基金(00823)2025财年上半年每单位分派（DPU）增长胜于预期。尽管业绩良好，领展的新任主席对市场不确定性以及Link3.0战略的实施持保守态度。该行认为这主要是因为：(1)新任主席需要时间与现有团队磨合；(2)领展资产管理需要建立往绩纪录予潜在资本方；(3)市场调整需要更多时间来回稳。然而，从前瞻性的角度来看，尽管管理层确认该行之前对2025财年租金回调的看法，但在2024年第四季度已经出现零售销售稳定的迹象。资本化率的上升并趋向市场水平也有利于任何潜在的资产处置或剥离，这样才能开启一系列单位回购或再投资。该行将2025-2027财年的每单位分派预测往上微调了0.6-0.7%，并维持目标价为45.00港元。该行维持“优于大市”评级，因为该行相信单位回购和可能纳入港股通等因素是推动单位价格的催化剂。
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