《大行報告》瑞銀升龍湖(00960.HK)及越秀地產(00123.HK)評級至「買入」 列內地商場未來五年五大趨勢
瑞銀發表研究報告,指看好內地商場板塊,未來五年料有五大趨勢,即需要更多的豪華商場、鐵路+物業(TOD)為未來模式;輕資產模式及商場管理良性循環下「贏家全取」;由資產管理人至投資經理的業務模式轉變;在捕捉消費趨勢下會員制成為競爭優勢,強化對租客的議價能力。該行料上述趨勢最利好華潤置地(01109.HK)、華潤萬象生活(01209.HK),受惠豪華商場及TOD模式,其次為龍湖集團(00960.HK)及越秀地產(00123.HK)、主因TOD模式,以及寶龍地產(01238.HK)、寶龍商業(09909.HK)及恆隆地產(00101.HK),受惠豪華商場。
報告稱,以建立經常性收入及增加獲得土儲渠道而言,料內地商場成為發展商結構增長動力。商場管理良性循環及輕資產模式解釋為何商場經理快速擴大市佔,料利好潤地、華潤萬象生活及龍湖。
瑞銀表示,由於融資成本較低及良好往績,香港發展商在內地經營商場有優勢。它們受惠於內地資產奢侈品回歸故事,但亦受累於本港零售物業的一些永久流失,特別是海南免稅區。該行料趨勢利好恆隆地產、九倉(00004.HK)及太古地產(01972.HK),但利淡新地(00016.HK)及九倉置業(01997.HK)。
該行稱,內地發展商現估值相當於今年預測市盈率5倍,低於近年五年平均值的6倍;同時內地物業經理股現估值相當於明年預測市盈率19倍,與近期兩年均值相若。該行上調龍湖投資評級由「中性」升至「買入」,目標價升21%至55.5元,並上調2021至2023年盈測介乎2%至8%;另上調越秀地產投資評級由「中性」升至「買入」,目標價大升50%至2.4元。詳見另表。
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.