《大行報告》麥格理料內房銷售動力持續 發展商首選世茂、龍湖和金茂
麥格理發表研究報告,指出截至9月13日的一周,內地房地產銷售數據好壞參半。一線城市的銷售(以單位數量計)按周增長6%,二線城市錄8%跌幅。在四周的累計基礎下,一、二線城市的交易量分別按年升33%及14%。
該行指,中國房地產板塊的股價今年來累跌16%,表現跑輸MSCI中國指數(升13%)。目前行業估值較產淨值折讓36%具吸引力,預期銷售勢頭可在今年餘下時間持續,因為開發商在緊縮的融資情況下,正加快現金回收速度。
另外,該行認為地產商的融資緊縮,有望進一步加快整合,相信現時是買入優質內房股的良好時機。首選世茂集團(00813.HK)、龍湖集團(00960.HK)及中國金茂(00817.HK),目標價分別為42.16元、49.05元及7.2元。與地產股相比,該行更看好物管股,首選碧桂園服務(06098.HK)及雅生活服務(03319.HK)。
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