You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》匯豐研究料內房股可獲第二階段重估 關注龍湖、合景、龍光及旭輝
阿思達克 03-29 14:54
匯豐環球研究發表報告表示,在部份內房股公布去年業績後股價表現強勁,確證了合同銷售增長前景以及實現更精簡資產負債表取得進展。從基本面而言,此兩個因素推動內房股的歷史估值區間向上移。儘管包括華潤置地(01109.HK)和世茂集團(00813.HK)將於本周公布去年業績,該行認為,市場對內房股重估估值的第一階段已經完成。

該行維持對內房業前景正面看法,料旭輝控股(00884.HK)、龍光(03380.HK)、合景泰富(01813.HK)為行業中冉冉升起的新星。

匯豐環球研究指,雖然內房股股價已上漲,但行業估值仍然合理,維持內房股會進入第二輪重估的看法。該行認為,如果贏家和輸家之間有更清晰的區分,料股價表現將有所不同。對於一些開發商而言,隨著核心執行平台顯著增強,同時經常性收入的增長繼續加快,這有利於資本回收,從而擺脫依賴外部資金的傳統建造銷售業務模式。在此背景下,該行看到了內房股未來估值突破的空間

選股方面,匯豐環球研究指其中四隻內房股值得關注。相信龍湖(00960.HK)可藉出色的執行平台脫穎而出;在中小型股票中,料合景泰富和龍光應該繼續以享有長線的大灣區和城市再開發為主題,今年合同銷售額(約20%)、利潤率(約30%)處於行業領先水平,而且資產負債表健康。最後,旭輝控股依靠差異化的「房地產+」模式,增長前景穩健。(wl/u)

~

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account