大和:料今年內房行業整體波動較小 維持中性看法
大和發表行業報吿指,今年內房行業整體環境料波動較小,但認為房企適應及應對監管和信貸環境變化的能力將成為未來競爭力的關鍵因素,維持行業中性看法,其中,中大型內房偏好合景泰富(1813.HK)及旭輝控股(0884.HK),大型房企看好萬科(2202.HK)、龍湖(0960.HK)及華潤置地(1109.HK),均予買入評級,目標價分別為16.2港元、8.1港元、38.08港元、51.3港元、42.8港元。
大和認為,中國房地產行業經歷去年大幅波動後,今年內地新屋銷售及平均售價料會保持穩定,並相信監管和信貸環境變化的影響正逐步顯現,故內房已不能像多年前般靠擴張規模來取勝,未來競爭力反而依賴合同銷售增長的可持續性、財務管理、收併購能力、維持利潤率和盈利能力及經常性收入等因素。
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