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《大行報告》摩通:物管股首選保利物業(06049.HK)、中海物業(02669.HK)及華潤萬象生活(01209.HK) 雅生活(03319.HK)評級降至「減持」
摩根大通發表研究報告指,內地物管股的盈喜預告可能不再成爲股價驅動力,指出過去兩個月市場對開發商流動性持續感到擔憂,令行業表現落後於恆指約14%,投資者擔心物管業務會被母公司視作融資工具,加上有成長的企業投資情緒疲弱,因此預期要待開發商的流動性狀況有所緩解,最快第二季物管行業纔會出現有意義的重估。 該行指出,雖然公佈去年度業績前內地物管商或出現一波盈喜潮,但預期投資者興奮情緒將較短暫,盈利強勁增長的預期似乎已經反映,但擔憂仍然存在,因此短期內在選股上採取防守性策略,首選保利物業(06049.HK)、中海物業(02669.HK)及華潤萬象生活(01209.HK);由於市場對雅居樂(03383.HK)的流動性感到擔憂,將雅生活(03319.HK)評級降至「減持」,並將寶龍商業(09909.HK)下調至「中性」;對恆大物業(06666.HK)、融創服務(01516.HK)及世茂服務(00873.HK)持謹慎看法。
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