德銀:估值接近低谷 首予時代中國(1233.HK)等四內房股買入評級
德意志銀行首次覆蓋包括時代中國(1233.HK)、龍光集團(3380.HK)、禹洲集團(1628.HK)及正榮地產(6158.HK)等四家中資地產股,並給予買入評級,稱行業受到盈利預期下降和政策收緊等因素影響後導致超賣,估值已接近低谷,預計2020財年業績公佈後可以修復悲觀預期。
該行指出,新房供應受到限制,而需求仍然相當穩定,尤其在長三角和、大灣區以及人口流入多的政策相對寬鬆城市,住房需求非常強勁,“三道紅線”的政策影響強烈,但也降低了開發商的信貸及流動性風險。
該行予龍光集團目標價15.6港元,因大灣區優質的土地儲備;時代中國控股目標價13.8港元,大灣區良好的經濟前景和預期的人口流入將刺激強勁的購房需求,公司是大灣區戰略計劃的主要受益者;禹洲集團目標價3.8港元,預計公司2020-23財年將實現15%的淨利潤年複合增長率;正榮地產目標價5.5港元,看好資產快速週轉及嚴格控制財務槓桿的效果。
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