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《大行报告》美银证券料本港住宅楼价今年升5%至10% 普遍上调地产股目标价
美银证券发表报告,继续看好本港地产股的整体表现,认为它们是重新通关的受惠者,而且在通胀上升的情况下,房地产资产类别历来表现良好。在实物资产类别中,该行最偏好住宅板块,因为是由本地需求主导,加上若放宽边境限制措施,潜在的内地买家需求也是利好之一,预测今年本港住宅楼价上升5%至10%。

美银证券把本港地产股的目标价平均提高了8%,地产发展商中首选长实(01113.HK)和新地(00016.HK)。当中,长实评级从「中性 」升至「买入」,目标价由52元升至64元,因为英国的新冠疫苗接种率高,而其飞机租赁部门亦有望受惠未来旅游需求反弹。同时该行亦将买入评级的嘉里建设(00683.HK)的目标价提高18%至31元,而同样是买入评级的九仓(00004.HK)的目标价就提高38%至33元。

零售业方面,该行认为内地游客的复苏速度将会缓慢,因预期初期的放宽措施可能集中在商务旅客。考虑到催化剂有限,因此将希慎(00014.HK)的评级由「买入」降至「中性」,目标价由36元下调至34元。该行指在零售业主中,更偏好恒隆地产(00101.HK),目标价由23元上调至23.5元,因为相信奢侈品零售业增长的结构性积极趋势将延续。

美银证券指出,最近本地的租赁谘询有所回升,电子商务、虚拟银行和在线支付行业的租户都有扩张需求。然而,更多的租户仍在寻求节约成本的措施,该行预计今年上半年本港写字楼下跌近5%之後,年中租金表现将会稳定下来,但仍然担心在2022年至2023年的写字楼租金可能会因为新写字楼供应量导致的价格竞争而再次受压。该行对太古地产(01972.HK)维持「中性 」评级,以反映写字楼租金在年中趋稳的预期因素,目标价维持26元。

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