《大行報告》大摩:內房最新首選世房(00813.HK)等三股 指負面因素已反映股價上
摩根士丹利發表報告,認為市場已大致將負面憂慮反映在內房股股價之上,並認為行業基本面鞏固,兼且估值吸引,目前股價僅相當於未來12個月預測市盈率5.65倍,已接近2010年歷史低谷水平。該行認為新冠疫情令經濟承壓,內地政府需出台政策支持樓市,並放寬信貸,相信目前政策面對內房股有利,近期內房銷售有所改善,今年首三個月物業銷量按年跌幅收窄至26.3%(對比首兩個月跌39.9%)。
該行經考慮銷售、盈利前景、土儲的質素及數量、槓桿及估值等因素後,在內房股最新首選股為世茂房地產(00813.HK)、融創中國(01918.HK)及旭輝控股(00884.HK),對比早前首選股為華潤置地(01109.HK)、龍湖(00960.HK)、融創及旭輝控股。
大摩同時調整了對內房股目標價,對世茂房地產目標價由29.81元上調至41.63元,維持「增持」評級;旭輝控股目標價由6.83元升至8.51元,維持「增持」評級;碧桂園(02007.HK)目標價由12.67元升至12.9元,維持「增持」評級;中國海外(00688.HK)目標價由34.84元下調至33.04元,維持「增持」評級。另外,該行對富力地產(02777.HK)投資評級,由原來「與大市同步」降至「減持」,目標價由14.57元下調至9.7元。
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