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《大行報告》美銀證券料本港住宅樓價今年升5%至10% 普遍上調地產股目標價
美銀證券發表報告,繼續看好本港地產股的整體表現,認為它們是重新通關的受惠者,而且在通脹上升的情況下,房地產資產類別歷來表現良好。在實物資產類別中,該行最偏好住宅板塊,因為是由本地需求主導,加上若放寬邊境限制措施,潛在的內地買家需求也是利好之一,預測今年本港住宅樓價上升5%至10%。

美銀證券把本港地產股的目標價平均提高了8%,地產發展商中首選長實(01113.HK)和新地(00016.HK)。當中,長實評級從「中性 」升至「買入」,目標價由52元升至64元,因為英國的新冠疫苗接種率高,而其飛機租賃部門亦有望受惠未來旅遊需求反彈。同時該行亦將買入評級的嘉里建設(00683.HK)的目標價提高18%至31元,而同樣是買入評級的九倉(00004.HK)的目標價就提高38%至33元。

零售業方面,該行認為內地遊客的復甦速度將會緩慢,因預期初期的放寬措施可能集中在商務旅客。考慮到催化劑有限,因此將希慎(00014.HK)的評級由「買入」降至「中性」,目標價由36元下調至34元。該行指在零售業主中,更偏好恆隆地產(00101.HK),目標價由23元上調至23.5元,因為相信奢侈品零售業增長的結構性積極趨勢將延續。

美銀證券指出,最近本地的租賃諮詢有所回升,電子商務、虛擬銀行和在線支付行業的租戶都有擴張需求。然而,更多的租戶仍在尋求節約成本的措施,該行預計今年上半年本港寫字樓下跌近5%之後,年中租金表現將會穩定下來,但仍然擔心在2022年至2023年的寫字樓租金可能會因為新寫字樓供應量導致的價格競爭而再次受壓。該行對太古地產(01972.HK)維持「中性 」評級,以反映寫字樓租金在年中趨穩的預期因素,目標價維持26元。

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