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《大行報告》匯豐研究料下半年地產市道溫和復甦 推薦新地、新世界和信置等
阿思達克 09-16 09:46
匯豐研究發表的報告指,上半年香港地產股業績一如預期表現較弱,除新世界(00017.HK)以外平均核心盈利跌約13.4%,主要因為零售及招待業務均受疫情影響,而最令人失望的是長實(01113.HK),公司將每股派息削35%。展望將來該行估計部分地產股盈利跌幅將收窄至按年跌10.9%,當中包括嘉里建設(00683.HK)、九倉(0004.HK)及恆隆地產(00101.HK)。

該行估計下半年發展商銷售表現將較好,惟收租股則受到租金壓力。而下半年發展商的盈利可見性亦較收租股高,主要因為入帳表現強勁,而持續的低息環境及寬鬆政策取態亦有利支撐樓市。以新地(00016.HK)為例公司主打大眾化市場,現時市場亦有良好反應,而部分豪宅買家亦重現。

在寫字樓市場方面該行認為續租租金或呈跌勢,主要因為寫字樓需求弱,而在零售業主方面非必然品或現減租。

該行料行業將自經濟衰退及疫情復甦,傾向發展商多於收租股,認為樓市復甦或較快,在開發商中推薦新地、新世界、信置(00083.HK),均予「買入」評級,收租股則推薦恆隆地產及領展(00823.HK)。

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