大和:维持内房行业“中性”评级 首选世茂(0813.HK)等五股
大和资本发表报告指,据克而瑞(CRIC)数据显示,该行所追踪的内地发展商八月份合同销售回复增长,按月及按年分别增加9%及29%,相信内地收紧发展商贷款对小型及高负债的房地产公司影响较大,维持行业“中性”评级,并偏好世茂房地产(0813.HK)、中海外(0688.HK)、华润置地(1109.HK)、龙湖(0960.HK)及旭辉控股(0884.HK),均予其“买入”投资评级。
该行指,截至今年首八个月,有关发展商平均销售按年增长19%,对比首七个月按年升17%,当中以世茂房地产表现最标青,其销售按年增41%;其次为龙湖、越秀地产(0123.HK)及远洋集团(3377.HK),分别升34%、33%及32%。
该行续指,由于未来发展商信贷或会进一步收紧,预期大部分城市的调控措施收紧趋势仍会持续,相信下半年内地发展商经营环境仍面临挑战,建议投资者挑选具防守性、盈利及销售表现较稳定的内房。
大和对内地房地产股份目标价及评级如下:

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