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富瑞:首予15家內房股評級及目標價 行業首選融創(1918.HK)等5股
格隆匯 10-21 15:29

富瑞發表報告指,儘管對內地樓市看法中性,惟對上市內房企業看法正面,首予15家內房股評級及目標價。相對市場因憂慮現金流緊張及第四季銷售或會疲弱,故較偏好大市值的內房股而言,該行更看好在銷售和盈利能力突出的優質中小型內房企業,以及在中國一、二線城市擁有豐富或低成本土地儲備的內房股,並列融創中國(1918.HK)、旭輝控股(0884.HK)、龍光地產(3380.HK)、合景泰富(1813.HK)及中駿集團(1966.HK)為行業首選股,均予“買入”投資評級。

富瑞指,中國房地產市場政策或信貸環境在今年餘下時間將會保持平穩,主因中央堅持“住不炒的定調,因此預期今年市場成交量平穩,銷售額則料有高單位數增長,一、二線城市表現會繼續優於三、四線城市。

富瑞相信,市場整合將會持續,惟主導者將轉為中型內房企業,因其可售資源更為充裕。隨着中型內房進一步擴展市場份額,料明年其平均銷售增長可逾20%。此外,發展商在一、二線城市有更多可售貨源將有較強勁的銷售增長。

該行又認為,受中美貿易摩擦、匯率不確定及信貸環境收緊等因素影響,目前內房股估值相當低,未來12個月預測市盈率僅4.5倍及每股資產淨值折讓48%,認為內房股現價水平提供具防守性的進場點,因此建議投資者轉看好板塊前景,尤其該行相信第四季銷售將強勁,料按年增長32%。

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