郭家耀: 遊戲監管消息利淡 內房去槓桿礙盈利
獨立股評人郭家耀稱,美股周四(9日)反覆向下,市場憂慮疫情反覆影響經濟復甦,大市先升後跌,三大指數均錄得跌幅收市。美元反覆向下,美國十年期債息回落至1.29厘水平,金價表現向好,油價反覆受壓。港股預託證券大致向上,預料大市早段跟隨高開。內地股市高收,滬綜指低開高走,收市上升0.5%,滬深兩市成交量保持活躍。
港股昨日顯著調整,市場受監管機構約談遊戲公司消息影響,憂慮暫停批出新遊戲,拖累大市全日向下。投資者繼續關注監管消息,市場情緒仍然波動,指數將繼續於25,500至26,500點水平徘徊。
另標普發表報告指出,中國開發商可能會為售樓而繼續提供折扣,以犧牲利潤為代價推動銷售,主要由於融資的收緊和上限的設置,以及更嚴格的市場准入原則,一些開發商需要足夠的現金來支撐流動性。報告表示,房企在資產負債表去槓桿化方面取得一定的進展。根據標普授評的50家房企今年的中期報告顯示,在收入大幅增長和債務減少的背景下,50家房企的槓桿率呈現小幅下降,但與此同時,公司的盈利受到影響。
標普授評的50家房企在今年和明年的平均毛利率預測會保持在24%左右,與去年相比,今年上半年房企的毛利率下降5個百分點至24.1%。在最壞的情況下,房企的毛利率比去年同期下降23個百分點,50家房企中有6家的下跌幅度甚至超過10個百分點。在去槓桿的環境下,房企將繼續積極賣樓,並縮減發展規模,預料盈利能力難有改善,行業估值將維持低迷。
(本人沒持有上述股份)~
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