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匯豐研究上調太古地產及信置評級至「買入」 降九倉評級至「減持」
匯豐研究發表的報告指,樓市及零售市場復甦理想,相信寫字樓將是下一個有改善的市場。該行指出,香港樓價今年以來升5.9%,而行業股價亦跑贏大市,相信下半年情況大致相近。該行與市場持相反看法,對寫字樓市場抱正面態度,料將跑贏大市,並估計會在今年下半年見底,主要因為香港的員工逆全球趨勢並重返辦公室。

該行指出今年以來地產股已升13%,並為投資者提出了五大主題包括:隨著租金回落,企業回歸中環;包括消費券在內的政策利好;企業回歸增長;新盤樓價升帶動發展商利潤擴張;以及氣氛熱切等。

該行傾向選擇寫字樓業主,相信隨著租賃需求回復,認為最差的情況似乎已過去,預期下半年中環租金將升3%,2022年則料升10%,同時亦料受惠經濟復甦強勁及低息環境,樓價將繼續向上。匯豐研究指,豪宅及大眾化市場需求均有望強勁,估計2021-22年樓價將每年升5-10%,另外亦料零售市場將繼續受惠,不過相信正面影響已反映。

選股方面,考慮到業務復甦因素仍未反映在股價上,該行優先傾向寫字樓,其次是住宅,最後才是零售。該行將香港置地評級由「持有」升至「買入」,太古地產(01972.HK)評級由「減持」升至「買入」,信和置業(00083.HK)評級由「持有」升至「買入」,但就將九倉評級降至「減持」。該行傾向選擇信置、香港置地、太古地產、新鴻基地產(00016.HK)及領展房產基金(00823.HK),並將地產公司今明兩年的核心盈利預測分別升0.6%及2.8%。(el/u) ~

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