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富瑞:料內房股價回調後現抄底時機 首選旭輝(0884.HK)及融創(1918.HK)
格隆匯 02-03 16:09

富瑞研報指,克而瑞數據顯示內地主要發展商1月份平均銷售按年跌7%,因農曆新年提早及武漢肺炎爆發,雖然預期2月份銷售仍然疲弱,在優質及高啤打係數的股份近期回調後,建議投資者伺機抄底,市場料未來數月將有更多政策或信貸寬鬆出台,首選股份為旭輝(0884.HK)及融創(1918.HK),並將世茂房地產(0813.HK)評級由“持有”升至“買入”。

該行指,為減低武漢肺炎對整體經濟及財政的影響,相信內地將推出更多放寬樓市政策,以刺激土地銷售,同時估計未來數月人行減息的機會高,以緩和下行的經濟狀況,該行認為對整個行業有利,而高負債及高借貸成本的地產商將成為主要受益者,例如融創、雅居樂(3383.HK)等。

報告又指,受疫情進一步擴散影響,內房股自1月已累跌13%,因市場關注配股及獲利離場,內房估值已跌至2019年第四季的水平(即預測市盈率為4.4倍及較每股資產淨值折讓47%),而現時為抄底機會。該行看好擁有豐富及低銷售資源成本、以及執行能力強的內房,看好旭輝、融創、合景泰富(1813.HK)及中駿集團(1966.HK),目標價分別為7.83港元(下同)、54.82元、13.33元及6.8元。

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