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三大因素推動領展重上高峰

領展(SEHK:823)有望重上疫前高峰,突破100元關口嗎? –

領展(SEHK:823)在疫前曾是「財息兼收」的增長神話,惟新冠肺炎疫情大挫零售餐飲業,政局不穩更削弱物業升值潛力。領展有望重上疫前高峰,突破100元關口嗎?

1.民生物業攻防兼備

領展的核心資產是位於全港多區的公共屋邨相連商場物業。這些物業多為所屬社區的唯一大型消費點,可作為社區居民滿足日常生活所需的地方。這為商場租戶所經營的業務帶來防守力,同時亦為商場業主帶來穩定的租賃回報。基金管理人過去積極將物業組合的防守優勢轉化成進攻實力,透過持續物業增值來推動社區消費力流入商場,商場人流越多,租戶營業表現越好,業主議租力越強。這是領展在過去實現「財息兼收」的重要增長策略。

2.管理人增長意欲高

房產信託的重要增長來源是收購新物業,這可持續擴大信託的物業資產組合,繼而增加物業淨收入,推動可分派收入增長。隨著領展在香港經營的公用屋邨商場的升值空間減少,管理人積極投資海外物業,藉此推動組合增長。繼基金的物業版圖成功延伸至四個中國內地一線城市,管理人更將目光放至海外地區,如今年4月完成收購的澳洲悉尼物業——「100 Market Street」,最近更公布將收購英國倫敦的辦公室物業「The Cabot」。

3.低息環境有利升值

疫情雖然對基金旗下物業造成衝擊,但全球央行先後減息造成市場利率偏低,這有利領展組合增長及物業升值。以上提到的物業收購策略需要穩定的融資渠道支撐,低息環境有利領展等房託進行債權融資,收購項目的融資成本下降可為基金單位持有人製造更高價值。這更可大大加強管理人在疫市捕捉收購機遇的意欲及能力,以上提到的「The Cabot」或是例子之一。此外,低息環境有利市場資金流入房地產等具升值潛力的穩定投資工具,疫後有望成為物業資產價格穩步上漲的推動因素。

結語

領展在疫情及不穩局勢中表現弱勢,惟基金組合的基本面依然吸引,低息環境下物業升值能力有望在不穩環境過後再次釋放,長線投資者或可部署吸引。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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