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加拿大帝國商業銀行（CIBC）將Primaris REIT的目標股價上調2加元，並重申其「跑贏大盤」評級。

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-- 加拿大帝國商業銀行資本市場（CIBC Capital Markets）週四重申了對Primaris房地產投資信託基金（PMZ-UN.TO）股票的「跑贏大盤」評級，並將目標價從20加元上調至22加元。此前，PMZ於週三公佈了第一季業績。 CIBC指出，PMZ第一季每單位FFO為0.425加幣（年減3.2%），與市場預期基本一致。 CIBC表示：「我們對2027年每單位FFO的預期上調了近2%，因為我們更好地反映了實際租賃節奏的改善。」 CIBC補充道，22加幣的目標價是基於2027年每單位FFO的11倍市盈率（此前為10.2倍），較該行修訂後的一年每單位FFO的11倍市盈率（此前為10.2倍），較該行修訂後的一年淨資產值以及槓桿增長了5%。 加拿大帝國商業銀行（CIBC）重申，PMZ的單位持有者將長期受益於入住率的提升和租金的成長。 CIBC表示，鑑於購物中心營運商通常擁有覆蓋全國的租戶群體，與租戶建立良好的關係至關重要。該銀行補充道，透過收購和自身成長來控制日益高效的資產，將提升PMZ對這些全國性租戶的重要性。 CIBC也表示：「PMZ能夠利用自身租金為其資本支出和分紅提供資金，且資產負債表槓桿率較低，這降低了其財務風險，從而抵消了持有封閉式購物中心這類高風險資產所帶來的風險。」根據可實現的預測，PMZ 的隱含資本化率接近 8.7%，CI 認為，與加拿大其他大型零售化率（PMZ7%）之間隱含資本化率在 8.7% 9%）與加拿大其他大型零售化率估計，1.5% .的營運風險（例如，主力租戶更迭）已得到充分補償。 CIBC 在電話會議上指出，Primaris 將在未來 60 天內，待其 HBC 專案完成大量租約後，提供詳細的進度報告。此外，CIBC 還表示，CRU 的租賃勢頭在第一季“顯著加速”，管理層強調了新交易數量和價格均創歷史新高。

Price: $19.01, Change: $+0.14, Percent Change: +0.74%

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