金吾财讯 | 摩根士丹利在其研究报告中分析了香港地产股的股息可持续性，指出香港地产公司的高股息收益率主要是由于市场对行业基本面恶化的反应，而非股息本身的增长。
报告强调，尽管部分地产公司的股息慷慨，但其现金收益是否能够支撑这一派息水平存在疑问。特别是，恒基地产(00012)、新世界发展(00017)、会德丰和希慎兴业(00014)的股息支付并未得到2025年预期现金收益的充分覆盖，而长实集团(01113)、恒隆地产(00101)、九龙仓置业(01997)和领展房产基金(00823)的股息支付则相对较为稳健。
摩根士丹利认为，投资者在选择香港地产股时应更加关注股息的可持续性。报告中提到，领展房产基金、信和置业(00083)和太古地产(01972)提供的股息收益率超过6%，在当前市场环境下相对安全。然而，对于其他一些公司，尤其是那些现金收益未能覆盖预期股息的公司，投资者应保持警惕。摩根士丹利建议投资者优先考虑那些具有稳定现金流和良好股息覆盖率的地产公司，以确保投资的安全性和收益的可持续性。
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