Insights

為何泓富比領展更吸引?

泓富產業信託(SEHK:808)資產規模雖不及領展(SEHK:823),不過,卻有領展望塵莫及的地方。 – 泓富產業信託

房託基金有很多種,但並非每隻均適合穩健型投資者持有。泓富產業信託(SEHK:808)資產規模雖然遠不及領展(SEHK:823)。不過,勝在所持投資物業防禦力夠高。零售市道不濟對其衝擊有限,相反,經濟下行令部份企業將總部遷至非核心商業區以降低成本,令泓富直接受惠。更重要是股息率逾7厘,領展望塵莫及。

主攻非核心商業區

由長實(SEHK:1113)分拆出來的泓富,是首個私人企業分拆出來的房託基金。自2005年上市以來,市場定位清晰,主打本港非核心商業區投資物業。現有7項物業,包括三座甲級寫字樓(紅磡都會大廈、北角泓富產業千禧廣場及觀塘創業街9號)、一座商用物業(觀塘泓富廣場)、兩座工商綜合物業(荔枝角潮流工貿中心及觀塘創富中心)及一座工業物業(新蒲崗新寶中心);涉及可出租總面積127.51萬平方呎,另提供498個車位,截至6月底止資產組合估值105.71億元。

上半年盡顯防禦力

一如其他房託基金,泓富上半年物業組合錄得重估虧損5.57億元,由於屬非現金項目,對派息及營運並無實際影響。期內收益僅按年減少0.7%,至2.28億元。物業收入淨額1.81億元,下跌1.4%。可分派收入1.36億元,集團按派息比率100%,每基金單位分派8.99仙。

上半年平均單位實際租金每平方呎25.1元,上升0.2%。整體租用率96.8%,較去年同期收窄0.6個百分點。成本對收益比率20.8%,去年同期為20.2%。資產負產比率僅21.4%,財務彈性充足,有利藉併購擴大資產規模。

總結:逾7厘股息完勝領展

領展當然有其吸引之處,資產增值及海外收購往績可見一斑,論資產規模更是其他本地房託基金難及得上,但估值的吸引力未必及泓富。泓富截至6月底止,每基金單位資產淨值5.28元,現價不到一半。

另外,對穩健型投資者而言,著眼是股息回報。自2009年以來,泓富每年股息穩步遞增。以2019年派息18.28仙計,股息率約7.4厘。保守假設今年派息回落3%,股息率仍高企7厘以上;比起領展不足5厘,收息一族絕對懂得如何選擇。

圖:泓富近十年派息紀錄

編輯:Yan

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 Raymond Lo沒持有以上提及的股票。

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

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!