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《大行报告》大摩料明年本港住宅楼价升2% 调整地产及收租股目标价
阿思达克 12-11 10:20
摩根士丹利发表报告,上调对香港房地产行业看法至吸引,认为相关股份主要推动力包括板块轮转、估值便宜、可持续派息及交投增长。该行预期,本港住宅楼价可受低息口及供应有限所支持,预期明年香港一手及二手住宅交投可分别上升27%及1%,楼价则上升2%。

大摩相信,明年香港地产股表现会开始跑赢恒指,因行业股份在平均一手销售单位增长,及楼价指数升多於5%时会有跑赢趋势,且地产股在指数上升时表现会优於恒指,该行对MSCI香港评级为「增持」,并料明年恒指会有10%升幅。

该行又提到,二手物业价格维持韧性,及股份估值平亦支持香港房地产行业明年表现。其中在估值方面,行业目前的资产净值及市账率较过去十年平均低1.5个标准差。

摩根士丹利调整香港地产及收租股评级及目标价,其中嘉里建设(00683.HK)评级由「与大市同步」升至「增持」,九仓(00004.HK)则由「增持」降至「减持」。於行业分类中,该行最喜好零售物业,其次为住宅,最後为写字楼,主因认为本港零售销售有望在明年重录增长,及预期旅游业会在明年中复苏。发展商股份首选为嘉里建设及新地(00016.HK),收租股则为恒隆地产(00101.HK)、领展(00823.HK)及九仓置业(01997.HK)。

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