Core Viewpoint - UBS forecasts a 9% year-on-year decline in distribution per unit for Champion REIT in 2025, primarily due to continued rental reductions at Three Garden Road and impacts from Langham Place office and retail properties [1] Group 1: Financial Projections - The net property income (NPI) for Champion REIT is expected to decrease by 10% year-on-year in 2025, remaining similar to the first half of 2025 [1] - Interest cost savings from lower Hong Kong Interbank Offered Rate (HIBOR) in the second half of 2025 may partially offset the negative impacts [1] Group 2: Market Position and Valuation - The current stock price reflects a forecasted dividend yield of 5.7% for 2026, aligning with historical averages [1] - The forecasted dividend yield for 2026 shows a spread of only 1.7% over the US 10-year Treasury yield, returning to levels seen before 2019 [1] - The market appears to have priced in expectations of a bottoming out of Central office spot rents and a recent rebound in leasing activity [1] Group 3: Rating and Target Price - UBS maintains a "Neutral" rating on Champion REIT, raising the target price from HKD 1.74 to HKD 2.3 [1]
大行评级丨瑞银：上调冠君产业信托目标价至2.3港元 维持“中性”评级
Ge Long Hui·2025-12-19 02:51