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《大行報告》高盛升嘉里建設(00683.HK)評級至「買入」 降長實集團(01113.HK)至「中性」
阿思達克 06-07 10:56
高盛發表報告指,香港地產發展商年初至今的相對表現是自2012年以來最佳,推動力為住宅市場成交及價格顯著提升,和息率低企。該行預期,此等表現將會繼續,因發展商是處於正面轉變的早期階段,盈利受到香港住宅成交增加、物業價格前景提升及零售銷售復甦而有改善。

該行認為,若香港及內地放鬆邊境限制,對未來行業盈利會是好兆頭,估計可令香港豪宅市場、寫字樓需求及零售銷售受惠。

高盛改變對香港地產商的估值框架至基於資產的指標(資產淨產折讓)及股息收益率量度,以獲得不僅公司的估值,但亦包括經營權的現金流/股息回報等。

該行又調整對發展商的資產淨產、每股盈利及每股派息預測,並將嘉里建設(00683.HK)股份評級由「中性」升至「買入」,長實(01113.HK)股份評級則由「買入」降至「中性」。(ek/u)

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