《大行報告》高盛:內房股利潤壓力舒緩 指股價調整後提供入市良機
高盛發表報告表示,內地新土地供應政策發布後的第一輪土地招標結果喜憂參半,但總體上引發了投資者的擔憂,即新政策對土地價格的影響已經減弱,故發展商的利潤率將繼續受壓,可能是導致近期內房股疲弱的因素之一。該行認為,今年下半年之後會看到更多實質影響,包括土地收購活動更為減慢及地價溢價上的調整,因此料內房股利潤壓力有望舒緩。
報告補充,總體而言認為市場可能對內房行業過於悲觀,即使市場普遍認為今年房地產銷售增長會減速,但年初至今內房銷售仍然強勁;同時以長線而言,市場對內房利潤率表現過度憂慮。
該行認為,由於年初至今的房地產價格強勢及土地價格溢價逐漸縮小,發展商的現金利潤率逐步穩定,更指內房股股價調整後提供入市良機,首選潤地(01109.HK)及寶龍地產(01238.HK),均予確信買入,目標價分別為47.3元及11元。
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