摩通料內房股今年前景不算太壞 下調部份股份目標價
摩根大通發表報告指,對不同內房股策略分差較大,特別是對今年增長預期,相信今年有數次可捕捉機會,主要是來自增長不同。整體來說內房股去年業績表現符預期,純利增長為20%,收入升24%,派息比率為36%,但因股價調整,令股息率在6.6%。
該行指,內房股負債比率由92%降至85%,而大型房地產商放慢補充土儲,而發展商指年初可以以較便宜的價格購買土地,及第二季放寬政策感到高興。銷售目標今年平均升9%,若以較寬鬆的態度看,銷售增長為13%。
摩根大通指,新冠疫情影響內房商首兩個月表現,但在銷售處重開後,見大幅反彈,3月跌幅只有15%,並預期4月可以回復正常。而目前環境更是利好內房,包括信貸寬鬆、政府願意推出較好的土地、重建項目加快、房屋需求穩定。
該行表示,預期內房股今年利潤收窄50-100點子,但因已有70-80%收入確認,而在去年地價下跌,併購機會更多,相信有助支持2021及2022年盈利增長,首選碧桂園(02007.HK)、融創(01918.HK)、世茂(00813.HK)、旭輝(00884.HK)、合景泰富(01813.HK)、中駿置業(01966.HK)、美的置業(03990.HK)。另看好中海外(00688.HK)和富力(02777.HK)。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.