《大行報告》匯豐研究下調內房及物管股目標價 首選潤地(01109.HK)及龍湖(00960.HK)
匯豐研究發表報告,預期明年中國地方層面的房地產政策微調將擴展至全國,提升行業投資風險偏好,支持該行「買入」看法。
但該行亦提醒,目前內房市場仍然艱難,企業增長速度下降,盈利風險依然存在,預測明年全國銷售將按年跌5%,企業將要面對顯着的銷售放緩、現金流及利潤率壓力;比起內房發展商,於行業中較喜愛物業管理股。
匯豐研究表示,對部分龍頭企業持積極態度,認爲現時估值比2008年行業低位時有更大折扣,首選華潤置地(01109.HK)及龍湖(00960.HK),同予「買入」評級。物管股方面,該行看好碧桂園服務(06098.HK)及世茂服務(00873.HK),評級「買入」。
但基於估值下降,該行普遍下調行業目標價,並將富力地產(02777.HK)及遠洋集團(03377.HK)評級由「持有」降至「減持」,時代鄰裏(09928.HK)及中海物業(02669.HK)由「買入」降至「持有」。
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