《大行報告》匯豐研究上調中海外(00688.HK)目標價至29元 降碧桂園(02007.HK)及碧桂園服務(06098.HK)目標價
匯豐研究發表報告,維持對中國房地產板塊的審慎看法,看好華潤置地(01109.HK)、中國海外(00688.HK)和旭輝(00884.HK)的融資實力。物管方面該行偏好中海物業(02669.HK)和碧桂園服務(06098.HK),因母公司具相對具韌性的融資和執行紀錄。
該行亦更新目標價,上調中海外目標價由21.6元至29元,評級「買入」;降碧桂園(02007.HK)目標價由7.8元至6.1元,評級「持有」;降碧桂園服務目標價由68.7元至60.7元,評級「買入」。
報告指,投資者對中國房地產行業的主要擔憂包括開發商的違約風險、市場情緒減弱等。一些投資者表示如果看到銷售情況趨於穩定,會對該行業轉爲更積極看法。然而,國家統計局的最新數據表明,全國銷售尚未出現拐點。而包括土地銷售量在內的前瞻性指標在12月按年下降33%,房地產投資按年下降14%,意味中期可銷售資源可能面臨壓力。
另外,根據最新數據,在前30名開發商中,合同銷售市場份額從2021年上半年的39%提高到2021年的41%,而土地市場份額從2021年上半年的63%提高到2021年的66%。因此該行相信在目前充滿挑戰的市場條件下,國有企業的優勢將更加明顯。
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