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疫症最壞時候已過去 這兩股正蓄勢發威

本港確診數字回落,意味零售復甦可期,可留意以下兩隻零售收租股。 – Winning stock

近日本港肺炎疫情有所緩,確診數字從每天過百回落至數十宗。汲取前次經驗,這次疫情應不會再大幅反彈。加上疫苗已聞樓梯響,香港疫最壞時候已過去。經過本地示威事件及疫情雙重打擊,本地餐飲零售業務市值低殘。經國安法立法後,姑勿論該法是好是壞,大規模社會示威應難復燃。零售餐飲的實際業務復蘇可能需時,但最壞時侯已過去股市一向領前指標,投資者宜在這時部售業復甦相關概念的資配置可選九龍倉置業(SEHK1997)及希慎興業(SEHK14)兩隻零售收租股

售業務仍有隱 零售收租股較為穩妥

讀者可能會疑問,要為零售復甦作資產配何以不直接投資零售股而要買零售收租股?一切全因香港零售業已今非昔。即使再沒有疫情及社會事件,內地旅客因各種關在後疫已不會像以前一樣瘋湧來港消費。這意著零售股即使反彈亦恐難回到年前的股價了。

另一邊廂,雖然零收租業的部份收入或租金是與零售收入掛勾的,本港零鋪位的核心基本租金畢有一定韌,未亦難以大幅下調。

此前零售收租股下跌是市場憂及社會運動影本港零鋪位的續租情況所致。但事證明,本港地產商的議價能力一向相對零商強,這次疫情下業主為租客提供的租亦有限。大部份商戶索性結業、商鋪空置率上上。疫情過後這些空鋪預能迅出租,有助零收租股收入反彈。

疫情下零售收租股分派仍穩定

作為收租股收入的助證,疫情下九倉置業及希慎興業的股息分仍非常穩定,分下降及維持上年的分派只要疫及社會事件的影只是暫時性的,零收租股的業務前景便還是穩定的。

九倉置業及希慎興業旗下擁有全港最優的零售地段,包時代廣場、海港城、希慎、及利園,為中高檔零售收租股的首選。其中希慎興業的收入約一半為零售租金,另一半則為寫字樓租金,適平衡資產風的投資者。九倉置業的收入則較集中於零售租金,適合希鎚下注於零售業復的投資者。兩者現價皆為進可攻退可守之選。

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 Roy Sze 持有九龍倉置業(SEHK1997)及希慎興業(SEHK14的股票。

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

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