置富产业信托（00778）：料组合维持平稳、降息有助提升估值，上调目标价

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of HKD 5.92, reflecting a potential upside of 22.8% from the current price of HKD 4.82 [1][2][3]. Core Insights - The company’s portfolio remains stable, and the anticipated interest rate cuts are expected to enhance its valuation. The target price has been slightly raised due to recent operational updates and market conditions [2][3]. - Despite a slight downward adjustment in revenue and distribution forecasts for 2025 and 2026 due to the ongoing stabilization of the Hong Kong retail market, the company is expected to benefit from improvements in the stock and real estate markets, leading to a wealth effect that could stabilize the market in the medium to long term [3]. - The company’s retail portfolio, primarily focused on essential consumption, is expected to maintain high occupancy rates. The fluctuations in HIBOR have recently impacted the stock price, but a potential interest rate cut by the Federal Reserve in September or at year-end is anticipated to support a rebound in the stock price [3]. Financial Overview - Revenue projections for the company are as follows: HKD 1,786 million in 2023, HKD 1,746 million in 2024, HKD 1,743 million in 2025, HKD 1,782 million in 2026, and HKD 1,815 million in 2027, with a year-on-year growth of approximately 2-3% expected for 2026 and 2027 [6][12]. - The net property income is projected to be HKD 1,299 million in 2023, decreasing to HKD 1,253 million in 2024, and then gradually increasing to HKD 1,314 million by 2027 [6][12]. - The company’s distribution per unit is expected to be HKD 0.404 in 2023, decreasing to HKD 0.357 in 2024, and then gradually increasing to HKD 0.382 by 2027, with a distribution yield of approximately 7.5% in 2025 [6][12].