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越秀房託減派息近三成 長線收息仍可買?

越秀房託(SEHK:405)減派近3成,仍是長線收息之選? –

越秀房託(SEHK405)過去一直為投資者帶來持續的租金收入回報,惟肺炎疫情對零售、旅遊等實體產業帶來沉重打擊,基金業績由盈轉虧,每基金單位盈利按年減少近130%每基金單位分派則下跌約27%。到底越秀房託是否長線收息之選呢?

酒店及服務式公寓重挫

越秀房託的物業組合主要有三類物業,包括寫字樓,零售及批發商場,以及酒店及服務式公寓。其中在去年同期貢獻基金近15%物業收入淨額的酒店及服務式公寓在今年上半年遭受肺炎疫情帶來的強烈衝擊。

疫情中旅遊停頓,酒店需求顯著下降,而到訪中國的外藉人士減少亦不利主攻長期住客市場的服務式公寓表現。在國金中心之內的酒店服務式公寓物業經營收入在上半年分別按年下跌64.3%22%。這兩個項目所減少的收入基本上已解釋了基金期內可分派收入的跌幅,其中酒店物業經營收入減少134.7百萬元(人民幣·下同),佔組合整體物業經營收入變動的80%

整體出租表現穩定

撇除以上兩項物業,基金旗下物業組合整體的租賃情況穩定,出租率由上年6月底的90.5%提升1.6個百分點至92.1%。當中被歸類為成長型物業的武漢物業寫字樓出租率更提升17.1個百分點,物業經營收入按年增加25.2%,抵消了其他物業的部分負面影響。越秀房託旗下核心資產——國金中心的寫字樓項目更在甲級寫字樓租賃需求疲弱下完成新簽租約面積達1.5萬平方米,出租率保持在94%高水平。

造成基金業績由盈轉虧的主要因素是期內錄得投資物業公平值虧損,反映疫情中經濟前景不明朗對物業估值的不利影響,惟項目屬於非現金性質,而優質物業在長線的升值潛力足以彌補疫情帶來的不利波動。

結語

越秀房託的酒店及服務式公寓在疫市所受打擊沉重,而且物業估值調整造成虧損。不過,酒店及服務式公寓以外物業普遍表現穩定,反映物業定位優質,分派表現有望在疫後重振。

【延伸閱讀】收息災難再現 拆解匯賢信託減派8成原因

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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