Core Viewpoint - UBS forecasts a 9% year-on-year decline in the distribution per fund unit for Champion REIT (02778) in 2025, primarily due to continued rental reductions at Three Garden Road and impacts from Langham Place office and retail properties, maintaining a neutral rating with a target price increase from HKD 1.74 to HKD 2.3 [1] Group 1: Financial Projections - The current stock price corresponds to 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] - UBS anticipates a 10% year-on-year decline in net property income (NPI) for Champion REIT in 2025, similar to the situation in the first half of 2025 [1] Group 2: Market Expectations - The market appears to have priced in expectations of a bottoming out in Central office spot rents and a recent rebound in leasing activity [1] - The anticipated savings in interest costs due to lower Hong Kong Interbank Offered Rate (HIBOR) in the second half of 2025 may partially offset the negative impacts [1]
瑞银：升冠君产业信托目标价至2.3港元 维持“中性”评级
Zhi Tong Cai Jing·2025-12-19 03:17