《大行報告》美銀證券:監管部門對內房釋出放鬆訊號 上調私營內房商目標價5至17%
美銀證券發表研究報告表示,內地監管部門約見多間大型銀行,了解房地產行業融資情況,並發文要求金融機構按照法治化、市場化原則,配合相關部門和地方政府共同維護房地產市場的平穩健康發展,維護住房消費者合法權益,加快完善住房租賃金融政策體系。
該行指雖然上述文件的政策細節很少,但認為上述會議表明政策寬鬆正在進行中,料放寬將從針對最終用戶的抵押貸款配額開始,但對內房開發商貸款配額是否也會放寬仍有待觀察。
美銀證券指,內房股目前預測2022年市盈率為4.8倍,低於歷史平均水平2個標準差,但增長前景比以前更加不溫不火,認為投資者會對於資產負債表和盈利前景合理的中型開發商興趣將改善。在國企開發商中,該行繼續看好中國海外(00688.HK)、華潤置地(01109.HK)和萬科(02202.HK)。在非國企內房開發商中,該行喜歡龍湖(00960.HK)、旭輝(00884.HK)和新城發展(01030.HK)。由於流動性風險可能開始消退,該行上調對將私營內房開發商目標價5%-17%。
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