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摩通:內房建築工程逐步復工 大型內房看好融創(1918.HK)及萬科(2202.HK)
格隆匯 02-26 15:57

摩通發表報告指,內房建築活動陸續復工,更多地方政府容許建築活動恢復及重開售樓處,相信至3月底將全線恢復正常運作。該行料2月內房銷售額將按年減少50%至70%,惟過往2月售樓表現一向平平,佔全年銷售僅約5%,相信對全年銷售表現影響不大。隨着疫情持續,更多內房發展商傾向對今年銷售數字定下保守目標,該行預計官方全年銷售按年增長目標5%至10%,低於往常的10%至15%。若維持現時恢復狀態,相信增長將高於有關水平,內房將於公佈中期業績時上調全年銷售目標。

內房股價方面,該行料板塊股價仍將窄幅上落,雖市場憧憬當局推出寬鬆政策,不過料將受近期疲弱基本因素所抵銷。在不確定因素下,部份內房或將部份銷售自去年順延至今年,故去年全年盈利或將較預期疲弱。相信去年業績表現較強的內房將跑出,大型內房股方面,該行偏好萬科(2202.HK)及融創(1918.HK),中型內房則看好世房(0813.HK)、富力(2777.HK)及新城發展(1030.HK),小型內房則看好中駿集團(1966.HK)、美的置業(3990.HK)、時代中國(1233.HK)及奧園(3883.HK)。另外市場去風險亦將令龍湖(0960.HK)及潤地(1109.HK)受惠。

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