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收息災難再現 拆解匯賢信託減派8成原因

匯賢產業信託(SEHK:87001)每基金單位分派按年減少逾80%,表現有幾差,或反可以低吸嗎? –

繼匯豐暫緩分派造成股價急瀉,最新公布業績的賢產業信託SEHK87001)的每基金單位分派按年減少逾80%。投資信託的成立目的就是為基金投資者產生穩定租金收入,今次大減8成分派所帶來的衝擊絕不低於匯豐停派。到底匯賢產業信託的物業組合表現有幾差呢?

疫情重挫物業收入

匯賢產業信託主要在中國擁有四類物業資產,主要包括零售、寫字樓、酒店及服務式公寓。肺炎疫情對基金的物業組合的影響嚴重,物業收入淨額按年減少近3成。以下逐一拆解:

1. 酒店物業組合:疫情間旅遊停頓,加上宴會及會議活動大減,酒店入住率下降至歷史低位。物業收入大減,營運開支持續,基金旗下酒店物業在上半年錄得4,400萬元虧損(人民幣·下同),相對去年同期錄得4,300萬溢利。
2. 零售物業組合:疫情間零售業大受打擊,防疫措施限制下,零售商場人流大減,餐廳堂食業務受挫,電影院等娛樂場所一度停業,這為基金旗下兩個購物中心帶來強烈衝擊。基金管理人指出其中北京東方廣場東方新天地人流量低至前所未見水平均現收月租下跌18%每平方米947元。重慶大都會東方廣場商場平均現收月租更減少39%每平方米94元。
3. 寫字樓物業組合:經濟活動降溫,企業營運壓力增加,成本控制意識提升,租戶擴張增加租用面積的意欲低,甚至違約退租。基金旗下兩項寫字樓物業均錄得租用率下降,其中北京東方廣場東方經貿城的佔用率更下跌近10個百分點至84.5%
4. 服務式公寓物業組合服務式公寓需求在疫市所受影響較有限,因慣性及長期租賃需求相對穩定,組合中兩個項目所產生的物業收入淨額4,800萬元,與上年同期持平。不過,疫情中目標租客群之一的外藉人士前往中國內地限制增加,導致服務式公寓需求增長不振。

可分派收入跌逾8

物業收入受挫,基金期內可供分派收入更大減超過8成,主要因素包括遞延稅項調整影響,以及今年生效的中國外商投資法導致可供分派之折舊無法派出。此外,基金管理人不擬在上半年將銀行貸款未變現匯兌虧損作出酌情分派,更將分派比率由去年同期的100%調低至分派比率下限的90%

結語

綜合以上眾多負面因素,匯賢產業信託每基金單位分派由去年同期的0.1245元減少逾8成至0.0212元。不過,等到疫情緩和,以上大部分不利影響或將在明年淡化,惟疫情發展難以預測,投資者低吸博收高息不宜過度進取。

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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