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《大行報告》摩通料內房股續疲弱 對奧園(03883.HK)、禹洲(01628.HK)及融創(01918.HK)態度審慎
摩通發表研究報告指,自10月22日,內房股價見頂後,行業向下調整16%,主因有更多潛在債券違約、房產稅、發展商未能達到銷售目標風險增加。雖然按揭上有所放寬,但給予發展商的貸款仍然緊張。 該行預期行業將維持疲弱,直至有更多訊號顯示信貸放寬(預期會於明年1月纔會發生)。選股方面,目前較看好一些防守性較強的股份,包括華潤置地(01109.HK)、龍湖集團(00960.HK),但因短期缺乏催化劑,料行業仍然波動。該行對中國奧園(03883.HK)、禹洲集團(01628.HK)和融創中國(01918.HK)更審慎,因其槓桿較高。 物管股方面,雖然基本面更強勁,股價亦自9月跟隨房地產股下跌,相信是與缺乏催化劑,以及對房地產母企流動性的擔憂,故較看好一些有強勁增長及具防守性的股份,包括碧桂園服務(06098.HK)和華潤萬象生活(01209.HK)。
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