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《大行报告》高盛将中国海外(00688.HK)纳入确信买入名单 目标价上调至30元
高盛发表研究报告指,中国房地产行业目前仍然受压,其中民企估值偏低,指出覆盖的大多数民营房企现价水平为2021年市盈率的仅0.1至0.5倍,较历史低位低约50%,反映出有此次下行周期中内房面对财务压力较过往大,相信是由於市场疲弱及融资渠道收缩所致。 该行预期,内地房地产市场可能需要更长时间才能复苏,因此流动性压力导致的不良资产处置可能会持续影响企业估值恢复,当中国企在内房行业中更具优势,虽然短期内亦受到市场疲软的影响,但国企融资渠道相对较多,可依靠较低的融资成本用於未来投资,将内房国企目标价的每股资产净值折让幅度缩小0至10个百分点,并将目标价平均上调5%。 高盛将中国海外(00688.HK)列入确信买入名单,目标价由25元上调至30元,取代华润置地(01109.HK)的确信买入地位,指出中国海外减值损失目前为国企同业中最高,考虑到中国海外领先的资产质量和流动性状况,认为水平不合理的。 该行又相信在现时低迷市场中幸存的民营房企,估值将有所改善,相信一旦实体市场恢复稳定及信用风险得以解决,合景泰富(01813.HK)、龙光(03380.HK)及世茂(00813.HK)等内房将可获得重新调整的机会。
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