《大行报告》高盛:内房股利润压力舒缓 指股价调整後提供入市良机
高盛发表报告表示,内地新土地供应政策发布後的第一轮土地招标结果喜忧参半,但总体上引发了投资者的担忧,即新政策对土地价格的影响已经减弱,故发展商的利润率将继续受压,可能是导致近期内房股疲弱的因素之一。该行认为,今年下半年之後会看到更多实质影响,包括土地收购活动更为减慢及地价溢价上的调整,因此料内房股利润压力有望舒缓。
报告补充,总体而言认为市场可能对内房行业过於悲观,即使市场普遍认为今年房地产销售增长会减速,但年初至今内房销售仍然强劲;同时以长线而言,市场对内房利润率表现过度忧虑。
该行认为,由於年初至今的房地产价格强势及土地价格溢价逐渐缩小,发展商的现金利润率逐步稳定,更指内房股股价调整後提供入市良机,首选润地(01109.HK)及宝龙地产(01238.HK),均予确信买入,目标价分别为47.3元及11元。
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