金吾财讯 | 汇丰环球研究发研报指，领展房产基金(00823)2025财年上半年业绩好于预期，DPU增长3.7%至1.35港元，高于市场预期的1.3港元，主要受惠于香港的租务表现强势，借贷成本控制良好。该行相信减息周期到来及可能被纳入港股通，会让领展潜在受益。不过，该行认为领展目前面临的问题是增长前景，这可能会阻碍其重新评级。该行指，领展香港购物中心的出租率维持在98%的高位，不过续租租金调整率从2024财年的增7.9%下降至今年上半年的增0.7%。管理层认为这方面仍有压力，并将优化出租率。不过其海外以及内地资产的调整率尚可。另外，写字楼资产组合仍面临多种挑战，包括资本化率扩张20-50个基点。该行下调对领展截至3月底止2025-2027财年每单位基金分派（DPU）1.9%-6.8%，反映香港物业组合租金增长放缓的预测。预计2025财年股息收益率为6.9%。目标价由44.9港元下调6.5%至42港元。维持“买入”评级。
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