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收息可以買泓富信託嗎?

泓富產業信託(SEHK:808)已橫行整固了數月,本港疫情再趨穩定,是否再買入收息的好機會? –

泓富產業信託(SEHK808)主要在香港擁有7項商用物業,物業以非核心商業區寫字樓,及工業區工商物業為主。今年上半年面臨新冠肺炎及政局不穩帶來的逆風,租賃表現如何?投資收息仍可買泓富信託嗎?

租用率依然高企

泓富信託旗下物業組合在今年6月底的整體租用率為96.8%,僅較去年6月底輕微下跌0.6個百分點,惟租金調升率在期內錄得負增長。這反映著集團旗下物業的需求依然硬朗,但市況不穩下議租力被削弱。寫字樓物業的防守性通常較零售物業為高,因為企業營運的需求與消費表現的相關性較低,門店可以撤店,但後台營運總要有個辦公室。這解釋了泓富信託在疫市的硬朗租賃表現。

此外,基金旗下物業普遍為非核心商業區物業,例如位於紅磡的都會大廈,租金相對核心地段甲級寫字樓為便宜,租戶的租賃開支壓力較低,業主享更強防守力。

物業估值錄虧損

泓富信託的租賃表現雖然硬朗,但物業組合公平值在期內錄得5%跌幅至105.7億元,產生近5.6億元虧損,相比去年同期錄得近1.2億元盈利。然而,物業公平值調整屬於非現金項目,不影響基金的分派能力。

宏觀前景不明朗雖為整體寫字樓市場帶來陰霾,但泓富信託的物業組合受影響或較有限。經濟前景不明朗對中環金鐘等核心商業區影響較大,加上租戶積極縮減規模來控制成本,租金水平較低的非核心商業區物業或可受惠於企業搬遷的趨勢。

可分派收入減少

投資房託收息,最重要當然是每基金單位分派。泓富信託在不穩市況中維持派發100%可分派收入,惟期內物業收入淨額下跌1.4%每基金單位分派同樣下跌,同比跌幅為3.6%

不過,即使期內分派輕微受挫,長線投資者無需過分憂慮,因疫情影響屬短中期,基金物業組合的長線競爭力受影響微。事實上,基金在期內已完成位於泓富產業千禧廣場的一項資產增值工程,有望加強組合其一核心資產的吸引力,長線有利物業升值及議租表現。

結語

泓富產業信託在上半年減派,但負面因素有望在疫後消散,基金旗下物業更可受惠於企業撤出金鐘等核心商業區的趨勢,長線投資收息依然吸引。

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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