大行评级丨小摩：预期领展租户销售额短期内利好有限，维持“中性”评级

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摩根大通发表研报指，领展公布2026财年首九个月的营运数据。虽然香港商场的租户销售额略有改善，但仍逊同期香港必需消费品零售销售额。租金回报率扩大至负7.5%，符合之前高单位数百分比下跌的指引。鉴于领展在香港投资组合以生活必需品为主，且跨境电商的渗透率不断提高，该行预计领展的租户销售额短期内不会出现显著好转。管理层预计，由于即将到期的租约是在三年前较高租金水平时签订的，短期内的租金回报率将徘徊在高...

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