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收息REIT比拼:置富vs領展

置富(SEHK:778)及領展(SEHK:823)最新業績表現如何?那隻更值得投資呢? –

房產信託是不少投資者的收息之選,惟肺炎疫情重挫本地零售及餐飲業,不少房託旗下資產均受影響。向來防守力更勝一籌的置富(SEHK778)及領展(SEHK823)表現如何?那隻更值得投資呢?

領展分派表現更佳

投資房託的主要目的是享受物業資產帶來的穩定租賃收入,分派增長表現是核心指標。在截至630日止6個月,置富的每基金單位分派26.13港仙減少13.5%22.6港仙。至於領展,截至331日止6個月的未期分派則由140.55港仙增至145.72港仙,同比增幅為3.7%,連同中期分派,全年每基金單位分派增加5.9%287.19港仙

以上可見領展的分派增長能力更勝置富。雖然業績期有約3個月的差距,領展的業績未能反映46月的疫情影響,但比較兩隻房託在過去幾年的分派增長表現,領展依然是更優勝的選擇。

二點拆解領展優勢

領展在社會事件及疫市中表現較置富穩定,主要原因有兩個:

1. 租戶組合更防守

置富及領展同樣主攻可受惠社區消費的零售物業,例如置富旗下的置富第一城及+WOO嘉湖,以及領展旗下的一公共屋邨商場。此類面向民生消費需求的物業享有較高防守力,置富組合在截至630日的出租率為95%,而領展的香港組合在截至331日的出租率則達96.5%。租戶組合方面,領展旗下商場物業的每月租金中有逾60%源於飲食、餐飲、超市等日常民生消費不可少的商戶,連同服務、教育福利及配套設施等面向社區居民的行業,每月租金中超過76%來自民生相關行業。至於置富,目前只有超過 58%的月租來自超級市場、餐飲服務及教育行業,比例較領展為低,防守力較弱。

2. 管理層積極性較高

置富上一次收購物業組合已是2013年收購現時核心資產「置富嘉湖」,而領展在2015年度至今已先後完成超過5項收購,最近更公布收購位於英國倫敦辦公室物業「The Cabot」。物業收購是推動可分派收入在長線增長的重要動力,尤其香港房產市場經歷長期牛市,物業升值放緩下房託組合升值能力不如以往般強勁。再者,低息環境下融資收購可為基金單位持有人製造價值,領展管理人過去積極收購的策略有望延續,長線分派增長繼續勝過置富。

結語

房託是長線投資收息的工具,而展望未來,領展在推動分派增長及物業組合擴張的表現有望繼續勝過置富。

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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