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《大行報告》瑞信料內房股受惠流動性放鬆及銷售改善 調整目標價
阿思達克 05-25 14:21
瑞信發表研究報告,指相信目前內地樓市正處於與2018年10月至2019年7月周期相近的時期,包括有寬鬆政策支持、具穩定性的樓市政策,而在股票市場方面,資產淨值折讓亦接近過去三個下行周期的低位,相信已大致反映不利的宏觀影響和樓房措施放寬預期減低。

該行指,投資者目前在選股方面會更揀擇,包括會針對其銷售質素多於單一看銷售量,同時執行力和過往表現亦會有優勢。

該行又指,目前見行業有正面的催化劑,包括流動性、和銷售增長,而政府雖然在放鬆措施方面較有紀律,但以穩定為原則的做法為下行風險提供保護網,估算今年5-12月全國銷售價值按年減幅會暖和至4%,全年料跌7.6%,其中龍頭企業會跑贏行業平均,錄按年12.8%增長。

該行新增旭輝(00884.HK)和中國海外宏洋(00081.HK)為首選股,大型發展商中看好中海外(00688.HK)和潤地(01109.HK),中型發展商看好世茂(00813.HK)和旭輝,而小型發展商看好中海外宏洋。

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