顺丰房托：上半年业绩符合预期，利息下降有助缓解2026年不确定性，维持买入

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 3.84, indicating a potential upside of 25.5% from the current price of HKD 3.06 [1][2]. Core Insights - The company's performance in the first half of 2025 met expectations, with a revenue increase of 1.2% year-on-year to HKD 224.59 million and a net property income rise of 3.43% to HKD 185.56 million [6][7]. - The distribution per unit (DPU) for the first half of 2025 was HKD 0.131, a decrease of 10.9% year-on-year, but a slight increase of 3.2% quarter-on-quarter [6][7]. - The overall occupancy rate of the company's properties remained high at 97.5% as of June 2025, with four properties maintaining occupancy rates above 95% [6][8]. - The company anticipates stable performance in 2025, with uncertainties primarily in 2026 due to potential rental adjustments following lease renewals with SF Holding [6][8]. - Financial costs are expected to decrease, which may alleviate downward pressure on rents in 2026, as the average borrowing cost fell to 3.95% [6][8]. Financial Overview - Revenue projections for 2025 are estimated at HKD 458 million, with a slight growth of 2.7% year-on-year, while net property income is expected to reach HKD 368 million [5][12]. - The company plans to maintain a distribution payout ratio of 90% for the year, with expected DPU adjustments reflecting current rental levels [6][12]. - The total debt as of mid-2025 was approximately HKD 24.78 billion, a slight decrease from HKD 25.05 billion at the end of 2024 [6][12]. Performance Metrics - The company’s market capitalization is approximately HKD 2,481.32 million, with a year-to-date change of -2.24% [4]. - The 52-week high and low for the stock are HKD 3.26 and HKD 2.56, respectively [4]. - The average daily trading volume is around 0.95 million shares [4].