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資產靚息率吸引 收租股有睇頭

早年在無風無浪的日子,筆者都會建議大家研究一下房地產信託基金(REITs),不過當世界經濟在變,無論是房地產基金或一般的地產股、收租股, 都跌到四腳朝天的時候,情況就不同了。今時今日收租股似乎比REITs更有吸引力。

REITs和收租股的分別

一個星期前牰跟大家檢閱過REITs的表現,最好的一隻冠君(02778)在過去一年亦都調整了6%,拿了股息差不多抵銷股價的跌幅,其餘的基金就慘不忍睹了, 普遍都錄得約兩成的跌幅,收了息都蝕唔少錢。

從好處看,這類穩定的收息股,股價調整這麼多,派息自然吸引,不過如果有得選擇,當然會揀一些資產質素比較好的同類型股份。

REITs VS 收租股

筆者在早年都寫過文章,比較過REITs以及收租股的分別,REITs的賣點是股價相對穩定和派息高,為何會派息比較高呢?因為有一定的局限囉。根據規定,做得REITs首先要把賺到的錢,撥出至少90%用作派息,所以REITs派息會高一些。

REITs的局限還包括借錢的水平,以及在發展地產項目,以及投資海外方面都有限制。

收租股其實也是較為穩定的股票,因為這類公司的收入主要來自租金,租金的收益細水長流,簽了租約租金不會變。不過,相比REITs,收租股的派息少一些和股價波動大一些。但優勢是發展會比較靈活,借錢做生意,借多借少自己按需要做決定,同時也可以隨意買地起樓。

更加重要的是,不少收租股擁有的物業,質素比REITs好。現時香港上市的REITs,大部份是由地產商分柝出來,這些地產商肯割愛分拆出來的,大部份屬於二三線物業 ,靚靚的資產會留在身邊。而例外的、願意把高質素的物業分拆做REITs,原因之一相信由於大股東對資金有渴求。

收租股息率有賣點

過往會介紹REITs給大家,而不是收租股,部份原因就是收租股的估值已經不便宜,由於股價相對比較高,派息遠不及REITs那麼吸引,喜歡有一定現金流、派息高股票的投資者,REITs是不錯的選擇。

不過,本土企業,特別是地產股早於2020年前,自從連串大型社會運動發生以來,都調整不少,估值下調,派息亦去到一個較為吸引的水平,有3%、4%之多,當市場有選擇的時候,識揀的自然揀一些優質的、做生意靈活的、派息吸引的股票。只有當這類股票不便宜,才會退而求其次揀REITs。

也就是這個原因,收租股的龍頭之一的九龍倉置業(1997),表現比REITs的龍頭股(領展)為佳,一個是尖沙咀、 銅鑼灣高檔商場、寫字樓的業主,一個係屋邨商場、街市業主,有得揀你會如何選擇?


圖:領展與優質收租股表現(截至19/2/2021止)

收租股例如九倉置業以及希慎興業(0014),另一個賣點就是旗下收租物業,不少都是位於主要旅遊區,如果2021年全球疫情緩和,旅遊業慢慢恢復過來的時候,這些收租股反彈力度又會大一點。希慎興業將於2月25日公布業績,大家又不妨看一看公司的成績表及管理層對業務前景的看法。

結語

值得一提,近期股市氣氛良好,其中原因就是市場資金泛濫,這些不少都是一些熱錢,即是短線搵快錢的資金,快入快出,高息穩健股票未必受到注視。加上近期市場風向轉,開始擔心經濟好得快,有通脹,各地中央銀行會收水,利率回升,到時地產及高息股吸引力又會下跌。不過,作一個長線投資,也不失為一個不錯的考慮。

(筆者持有九倉置業)
(23/2/2021)

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