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《大行報告》高盛將中國海外(00688.HK)納入確信買入名單 目標價上調至30元
高盛發表研究報告指,中國房地產行業目前仍然受壓,其中民企估值偏低,指出覆蓋的大多數民營房企現價水平爲2021年市盈率的僅0.1至0.5倍,較歷史低位低約50%,反映出有此次下行週期中內房面對財務壓力較過往大,相信是由於市場疲弱及融資渠道收縮所致。 該行預期,內地房地產市場可能需要更長時間才能復甦,因此流動性壓力導致的不良資產處置可能會持續影響企業估值恢復,當中國企在內房行業中更具優勢,雖然短期內亦受到市場疲軟的影響,但國企融資渠道相對較多,可依靠較低的融資成本用於未來投資,將內房國企目標價的每股資產淨值折讓幅度縮小0至10個百分點,並將目標價平均上調5%。 高盛將中國海外(00688.HK)列入確信買入名單,目標價由25元上調至30元,取代華潤置地(01109.HK)的確信買入地位,指出中國海外減值損失目前爲國企同業中最高,考慮到中國海外領先的資產質量和流動性狀況,認爲水平不合理的。 該行又相信在現時低迷市場中倖存的民營房企,估值將有所改善,相信一旦實體市場恢復穩定及信用風險得以解決,合景泰富(01813.HK)、龍光(03380.HK)及世茂(00813.HK)等內房將可獲得重新調整的機會。
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