Market Brief

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劉智健先生 (CK Lau)
助理經理

股票研究投資經驗豐富。利用市場數據、技術走勢及投資氣氛用來分析市況,配合合適的投資工具,為客戶評估風險提供買賣策略。喜歡研究資源類及內需類股票 。
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領展房產基金(00823.HK)最新業績摘要

Thursday, May 29, 2025 Views311

核心財務資料亮點

1/收益與分派增長

  • 收益:142.23億港元(+4.8% YoY),物業收入淨額106.19億港元(+5.5%),主要受益於香港及內地市場改善,尤其是上海七寶領展廣場的全年貢獻。
  • 可分派總額:70.25億港元(+4.6%),因香港業績穩健、財務成本節約及一次性稅項調整,部分被並購開支增加抵消。

2/派息情況

全年每基金單位分派:272.34港仙(+3.7%),其中末期分派137.45港仙(8月4日派發)。

3/負債與回購

  • 淨負債比率:21.5%(較上年19.5%上升),因投資及回購活動。
  • 基金回購:年內斥資5.753億港元(均價33.1港元/單位),回購1,730萬個單位,支撐每股份派。

 

業務運營表現

香港市場

  • 零售物業:租用率維持97.8%,但平均租金微降至63.3港元/平方呎(上年64.4港元)。
  • 零售銷售額:商戶銷售額同比-3%(優於香港整體零售-7%),租金/銷售額比維持健康水準(13%)。
  • 續租租金調整率:-2.2%,反映零售壓力,但租戶可持續性較強。

內地市場

  • 收益增長:人民幣計收益+29.7%,物業收入淨額+28.9%,主要來自上海七寶廣場及廣州天河廣場的資產提升。
  • 租用率:95.9%,續租租金調整率-0.7%(若剔除北京中關村廣場則為+7.6%)。北京專案正通過商戶組合升級改善客流。

風險與挑戰

  • 租金壓力:香港及內地續租租金調整率為負,反映零售環境承壓(電商、跨境消費分流)。
  • 負債上升:淨負債比率升至21.5%,需關注利率波動對融資成本的影響。
  • 資產估值:香港物業估值可能面臨下行壓力,需觀察後續資產處置或收購策略。

投資機遇

  • 優勢:穩定的分派增長、高租用率、內地業務貢獻提升及積極的回購支撐單位價值。
  • 關注點:零售租金復蘇進度、負債管理及北京中關村專案的轉型效果。
  • 策略:適合追求穩定收益的投資者,但需警惕短期零售疲軟及利率風險。

(注:以上分析基於公開資料,不構成投資建議。)

*資料來源: 集團公告

如有查詢 請聯繫Mr CK LAU

辦公室電話: 29437499

電郵: chikinlau@phillip.com.hk

28 May, 2025

註:本人劉智健為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

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