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《大行报告》大摩调整内房股目标价 明年首选润地、旭辉及合景
阿思达克 12-11 14:30
摩根士丹利发表研究报告,预计2021年内地房地产市场宏观政策及信贷紧缩,但行业进一步紧缩风险有限,行业中首选华润置地(01109.HK)、旭辉(00884.HK)及合景泰富(01813.HK)。

报告指,疫情後内地经济复苏,预计随着信贷增长及财政政策正常化,2021年将适度收紧融资环境,但预计进一步的收紧房地产政策的风险有限,因为自今年7月以来当局采取多项监管措施,市场表现已回软。该行预测,明年全国住宅销售额按年增长4.1%,新开工量增长2%,房地产投资增长6%,落成量料按年增长5%。

大摩指出,内房行业的估值目前处於2010年以来的历史新低,政策和信贷下行风险有限,预期市场若继续表现疲弱,政策或有放松可能,维持看好内房行业,但指出目前仍然缺乏强而有力的短期催化剂,建议投资者选择基本面稳健的股份,该行调整内房股目标价,首选华润置地、旭辉及合景泰富,均予「增持」评级,目标价46.46元、8.68元及14.31元。

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