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《大行報告》傑富瑞:內房市場仍弱 籲投資者宜對內房股保持耐心待政策進一步清晰
《財聯社》報道,部分內地央企及國企反映,若要進行一些承債式收購,「三條紅線」就會被突破,建議監管部門調整「三條紅線」相關指標,另外《彭博通訊社》報道,金融監管機構於上月指導了部分銀行加快對個人抵押貸款的發放。傑富瑞發表報告,指若措施落實將會超乎預期,因爲此舉會鼓勵負債比率低的房企提升槓桿,與中央去槓桿政策構成衝突。該行對行業短期內保持「中性」看法,當中只有華潤置地(01109.HK)是其行業首選。 傑富瑞估計,若報道消息屬實,相信只有優質或國有企業,例如華潤置地、中國海外發展(00688.HK)、萬科(02202.HK)等能因爲折讓收購小型房企而受惠,預期這些企業審慎選擇資產收購,因此只能輕微地緩解小型房企的流動性。 報道令內房股今日出現反彈,傑富瑞認爲今日的反彈只是由挾淡倉推動,內房市場仍弱勢,呼籲投資者等待消息更明朗時再採取進一步行動,預期內房股價12月或明年首季有更持續的上行潛力,推動因素包括政策更寬鬆、按揭審批速度加快、離岸再融資環境氣氛潛在好轉。
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