| 中国香港房地产 | 收盘价 | 目标价 | | 潜在涨幅 | 2025 年 9 月 1 日 | | --- | --- | --- | --- | --- | --- | | 4.82 | 港元 | 港元 | 5.92↑ | +22.8% | | | 置富产业信托 (778 HK) | | | | | | 交银国际研究 公司更新 料组合维持平稳、降息有助提升估值；上调目标价 近期，我们与公司交流最新的营运情况，并考虑到组合最新的运营情况，借贷 成本波动的影响及中国香港零售市场环境的变化。同时，我们更新了财务模型 以及预测。小幅上调目标价至 5.92 港元，维持买入。 微调收入以及分派预测。鉴于中国香港零售市场或仍需时间整固，我们轻微下 调置富 2025 年及 2026 年收入及分派预测，但相信股票市场及房地产表现的改 善或将带来财富效应，并在中长期有助稳定市场。我们预测 2026 年及 2027 年 分派可按年增长约 2 – 3%。 上调目标价，维持买入。置富以必需消费为主的中国香港零售组合保持韧性， 大致将保持高出租率。近期 HIBOR 的波动引至股价下跌，但我们相信今年 9 月 或年末美联储降息将有助 ...

Core Viewpoint - The report from CMB International maintains a target price of HKD 5.68 for Prosperity REIT (00778) and keeps a "Buy" rating, citing a decrease in interest expenses that is expected to lead to an increase in dividends for the year [1] Group 1: Financial Performance - Prosperity REIT's performance for the first half of 2025 is stable and largely in line with market expectations, with a slight year-on-year revenue decrease of 2% to HKD 854.5 million due to rental reductions on some assets [1] - The distributable income and distribution per unit (DPU) for the first half of 2025 increased by 2.1% and 1% year-on-year, respectively, aligning with expectations [2] Group 2: Rental and Occupancy Rates - The occupancy rate improved by 0.9 percentage points to a high level of 95% for the year, with 11 out of 17 shopping malls achieving occupancy rates above 96% [2] - The company plans to re-lease previously vacated spaces in the Prosperity Plaza, expecting further improvement in overall occupancy rates and rental recovery in the second half of the year [2] Group 3: Tenant Composition and Strategy - Approximately 72% of Prosperity REIT's tenant mix consists of essential services and daily necessities, which helps maintain resilience in the retail portfolio [2] - The company aims to optimize its tenant mix by introducing more specialty dining and new brands to mitigate the impact of pressured sectors, with expectations for overall rental stability in the second half of the year [2] Group 4: Interest Expense and Dividend Outlook - The company is expected to benefit from a decrease in HIBOR, which will help save on interest expenses for about 50% of its floating-rate debt, supporting an increase in DPU [2]