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《大行報告》大摩料明年本港住宅樓價升2% 調整地產及收租股目標價
阿思達克 12-11 10:20
摩根士丹利發表報告,上調對香港房地產行業看法至吸引,認為相關股份主要推動力包括板塊輪轉、估值便宜、可持續派息及交投增長。該行預期,本港住宅樓價可受低息口及供應有限所支持,預期明年香港一手及二手住宅交投可分別上升27%及1%,樓價則上升2%。

大摩相信,明年香港地產股表現會開始跑贏恆指,因行業股份在平均一手銷售單位增長,及樓價指數升多於5%時會有跑贏趨勢,且地產股在指數上升時表現會優於恆指,該行對MSCI香港評級為「增持」,並料明年恆指會有10%升幅。

該行又提到,二手物業價格維持韌性,及股份估值平亦支持香港房地產行業明年表現。其中在估值方面,行業目前的資產淨值及市賬率較過去十年平均低1.5個標準差。

摩根士丹利調整香港地產及收租股評級及目標價,其中嘉里建設(00683.HK)評級由「與大市同步」升至「增持」,九倉(00004.HK)則由「增持」降至「減持」。於行業分類中,該行最喜好零售物業,其次為住宅,最後為寫字樓,主因認為本港零售銷售有望在明年重錄增長,及預期旅遊業會在明年中復甦。發展商股份首選為嘉里建設及新地(00016.HK),收租股則為恆隆地產(00101.HK)、領展(00823.HK)及九倉置業(01997.HK)。

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