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瑞銀:維持對內房發展商正面看法 首選世茂(0813.HK)等4股
格隆匯 02-20 15:17
瑞銀髮表研究報告,指在與內地發展商業界人士傾談後瞭解到,售樓處自2月17日起當週逐漸重開,雖然30城市的日均交易量仍低但已在復甦,建築活動則仍然暫停,或需至3月初才可回覆。
該行指,假設物業銷售回覆,仍會有1-1.5月的合約銷售會受影響,過去5年,2月和3月的表現在首三十大發展商中相等於全年數字的4.8%及8%,若累積購買力沒有釋放,預期全年銷售數字會受影響9%;建築方面,發展商在餘下時間或會加快新項目開工以追回落後進度,目前該行維持新開工預測不變。而完工數字或會受4%影響,因發展商保留資金用作新項目施工及收購土地。
該行又指,收購土地方面國企開發商較進取,主因其資金成本優勢。該行維持對內房發展商正面看法,因行業受政策支持及進行整合,又指在經過壓力測試後並不擔心上市內房企業的現金流問題,反而認為目前環境可能出現整合機會。該行首選富力(2777.HK)、融創(1918.HK)、世茂(0813.HK)和時代中國(1233.HK)

注:世茂房地產入選了格隆匯2020十大核心資產名單。

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