领展在内地的表现已经非常强势，同时海外购物中心需求维持强势的势头。Goldman Sachs reports that it maintains the target price of HK$45.3 for the Lingzhan Real Estate Fund (00823), with a “buy” rating.
Goldman Sachs pointed out that there was no big surprise at the investor conference call after the market closed on October 3. As Hong Kong people move north and travel abroad, the decline in the company's shopping center tenant sales increased to 5.9% in the first quarter of fiscal year 2025. However, positively, the summer sales trend improved, and the decline is expected to narrow in the second quarter.
Lingzhan expects strong momentum in the July-September quarter of this year, benefiting from a positive recovery in the number of low rental reversions (rental reversions). It is expected that this trend will continue for the rest of the fiscal year. The occupancy rate will decline slightly from 98% at the end of fiscal year 2024 to 97.5% in the first quarter of fiscal year 2025, but this is temporary and has now rebounded to about 98%.
Lingzhan's performance in the mainland is already very strong, while demand for overseas shopping malls continues to be strong.
