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《大行報告》摩通:短期看好物管行業多於內房 降富力(02777.HK)評級至「減持」
摩根大通發表報告指,內房發展商股價在過去一個月急速調整,主要由於高槓杆發展商有信貸風險、政策及按揭收緊,及業績公佈的毛利率風險。

該行認爲,有關憂慮最終會得到解決,但需要時間,在看到一線希望前,建議投資者轉移至有更高確定性的房企,特別是在上半年在商場租賃盈利有較好表現的企業。而短期內看好物管行業多於內房。

摩通維持龍湖(00960.HK)、華潤置地(01109.HK)、合景泰富(01813.HK)及中駿(01966.HK)股份「增持」評級,並首予寶龍地產(01238.HK)「增持」評級。至於萬科(02202.HK)及奧園(03883.HK)評級由「增持」降至「中性」;富力(02777.HK)評級由「中性」降至「減持」。

該行又首次覆蓋研究中資物業管理行業,予華潤萬象生活(01209.HK)及寶龍商業(09909.HK)股份「增持」評級,預期商場業務正面的勢頭可爲盈利帶來驚喜。

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