《大行报告》高盛升嘉里建设(00683.HK)评级至「买入」 降长实集团(01113.HK)至「中性」
高盛发表报告指,香港地产发展商年初至今的相对表现是自2012年以来最佳,推动力为住宅市场成交及价格显着提升,和息率低企。该行预期,此等表现将会继续,因发展商是处於正面转变的早期阶段,盈利受到香港住宅成交增加、物业价格前景提升及零售销售复苏而有改善。
该行认为,若香港及内地放松边境限制,对未来行业盈利会是好兆头,估计可令香港豪宅市场、写字楼需求及零售销售受惠。
高盛改变对香港地产商的估值框架至基於资产的指标(资产净产折让)及股息收益率量度,以获得不仅公司的估值,但亦包括经营权的现金流/股息回报等。
该行又调整对发展商的资产净产、每股盈利及每股派息预测,并将嘉里建设(00683.HK)股份评级由「中性」升至「买入」,长实(01113.HK)股份评级则由「买入」降至「中性」。(ek/u)
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