《大行報告》美銀證券:內房首選潤地等四股 降時代中國(01233.HK)評級至「跑輸大市」
美銀證券發表的研究報告指,假如內地監管機構推「三條紅線」收緊內房融資,料小型內房的增長速度或會受限,該行估計實際推出的措施對小型發展商或會較寬鬆,因為政策相信主要針對大型的發展商,加上小型內房估值本身已不昂貴,而且股息率高,估計即使增長減慢其價值可維持在現水平,但就將時代中國(01233.HK)評級由「買入」降至「跑輸大市」,認為其增長將受制於近期融資緊張的情況。
該行指出,與表外債務比較,少數股東權益與回購協議間的連繫較難被發現,因為條款往往無公開,但假如將少數股東溢利及相關的股份佔比作比較,就會發現時代中國、中國金茂(00817.HK)、新城發展控股(01030.HK)及旭輝控股集團(00884.HK)或有類似的協議安排,估計其淨負債比率將增10-45%。
該行指出行業估值現時低於歷史平均,估計隨著發展商融資收緊,較傾向選擇資產負債表較強以及具經營技巧的房企,認為他們較能達至高於平均的盈利增長,首選世茂房地產(00813.HK)、華潤置地(01109.HK)、旭輝及中國海外發展(00688.HK)。(el/k) ~
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