《大行报告》摩通调整地产及收租股目标价 看好新地、信置、长实及太古地产
摩根大通发表研究报告,表示对香港房地产市场持谨慎态度,只对6只香港地产股予以「增持」评级,首选新地(00016.HK)、信置集团(00083.HK)、长实(01113.HK)及太古地产(01972.HK)。
摩通表示,今年较看好住宅及写字楼市场,看淡零售市场,指出投资者预期2021年楼市将有所复苏,但该行相信年内的复苏将颠簸,考虑到市场资金充裕及未来数年供应量不足,预测今年楼价将升5%至10%,成交量升约10%。
该行又指出,虽然写字楼租赁需求主要取决於内地经济增长及商务出行的恢复,假设疫苗接种令全球经济步向正常化,写字楼市场是现时最被忽略市场。该行称,去年末季零售收租股强势已反映入境旅客人数回升至2019年1月的86%的乐观预期情境。
该行将太古地产及冠君产业信托(02778.HK)上调至「增持」评级,以反映对办公室市场的乐观看法,并将新世界发展(00017.HK)、嘉里建设(00683.HK)、领展(00823.HK)、希慎(00014.HK)、九龙仓置业(01997.HK)、置富产业信托(00778.HK)及恒隆地产(00101.HK)由「增持」降为「中性」,考虑该等公司股价已明显上升,指出零售复苏将充满不确定性,建议投资者将零售收租股先行获利。该行调整地产及收租股评级及目标价详情见另表。
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