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研究快訊:CFRA維持對Equity Residential股票的「持有」評級

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-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下:我們將目標股價上調3美元至每股69美元,採用更高的股權風險溢價,並將預期市盈率(P/FFO)設定為16.8倍,高於多戶住宅房地產投資信託基金(REIT)平均水平15.5倍,因為EQR專注於高端城市和沿海市場,這些市場的新供應量較少。我們維持2026年和2027年FFO預期分別為4.10美元和4.25美元,營收預期分別為32億美元和33億美元。鑑於EQR及其同業的防禦性特徵和成長速度較慢但穩健,其表現遜於標普500指數。 EQR的股票貝他係數為0.74,顯示其價格波動性略低於股票市場。該股提供4.3%的誘人股息殖利率,遠高於標普500指數低於2.0%的殖利率。我們對EQR持謹慎態度,主要原因是市場預期租金漲幅較低,營運成本較高。即使在EQR的海岸市場,我們也看到科技和娛樂產業新增就業成長疲軟對新租戶租賃的影響。這進一步印證了我們對這類房地產資產前景的預期趨於溫和。

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