交银国际：维持领展房产基金(00823)“中性”评级 目标价下调至38.8港元
交银国际发布报告称，看到领展房产基金(00823)的业务温和复苏，但摊薄影响以及升息周期的不确定性令股价短期承压。根据股利折现模型，将目标价下调25%，由52港元下调至38.8港元，维持“中性”评级。
报告中称，截至6月30日，香港零售及办公室出租率维持高位，分别为97.9%及97.5%，租售比维持在12.5%的低位，管理层预计其大部分投资组合的续租租金可取得个位数的上调。公司预计高息环境持续，已于2023年4月偿还40亿港元银行贷款，且在2024/25财政年度之前没有再融资需求。同时，公司将寻求重新启动回购的机会。此外，由于增加收益的收购机会有限，公司持续致力于拓展轻资产业务，从而扩大其管理规模和管理费收入来源。
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