《大行報告》摩通料龍湖(00960.HK)、旭輝(00884.HK)及寶龍(01238.HK)等內房短期反彈力較強 物管留意碧服(06098.HK)、旭輝永升服務(01995.HK)及金科服務(09666.HK)
摩根大通發表報告,認爲近期內地對於房地產行業的措施,可能會推動內房股和物管股短期抽升,但認爲放鬆內地房企使用託管資金,將主要有利於國有企業和低風險的民營企業,市場可能仍需要更多市場復甦的證據才能夠支持可持續的估值重評,當該行業觸及前一個高峯而屆時沒有新的寬鬆信號,受1月銷售數據疲弱、更多房企違約影響,內房股股價可能再次轉弱。該行仍然看好國企,但認爲風險較低的民企短期內可能會出現更強勁的反彈,包括龍湖集團(00960.HK)、旭輝(00884.HK)、寶龍地產(01238.HK);物管股中的碧桂園服務(06098.HK)、旭輝永升服務(01995.HK)、金科服務(09666.HK)。高風險股份可能僅由平淡倉行爲驅動。
摩通表示,國企內房自去年9月以來表現一直優於大市,目前的市盈率已經離三年的高位不遠,而且認爲如果這些防守性股份要從陷入困境的房企收購資產,也存在配股風險,以保持低槓桿。
該行升中海外(00688.HK)目標價由22.5元升至26.5元,評級「增持」;另升旭輝目標價由5.5元升至6.5元,評級「增持」。其他詳見另表。
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