《大行报告》汇丰研究料内房股可获第二阶段重估 关注龙湖、合景、龙光及旭辉
汇丰环球研究发表报告表示,在部份内房股公布去年业绩後股价表现强劲,确证了合同销售增长前景以及实现更精简资产负债表取得进展。从基本面而言,此两个因素推动内房股的历史估值区间向上移。尽管包括华润置地(01109.HK)和世茂集团(00813.HK)将於本周公布去年业绩,该行认为,市场对内房股重估估值的第一阶段已经完成。
该行维持对内房业前景正面看法,料旭辉控股(00884.HK)、龙光(03380.HK)、合景泰富(01813.HK)为行业中冉冉升起的新星。
汇丰环球研究指,虽然内房股股价已上涨,但行业估值仍然合理,维持内房股会进入第二轮重估的看法。该行认为,如果赢家和输家之间有更清晰的区分,料股价表现将有所不同。对於一些开发商而言,随着核心执行平台显着增强,同时经常性收入的增长继续加快,这有利於资本回收,从而摆脱依赖外部资金的传统建造销售业务模式。在此背景下,该行看到了内房股未来估值突破的空间
选股方面,汇丰环球研究指其中四只内房股值得关注。相信龙湖(00960.HK)可藉出色的执行平台脱颖而出;在中小型股票中,料合景泰富和龙光应该继续以享有长线的大湾区和城市再开发为主题,今年合同销售额(约20%)、利润率(约30%)处於行业领先水平,而且资产负债表健康。最後,旭辉控股依靠差异化的「房地产+」模式,增长前景稳健。(wl/u)
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