內房股分化 龍湖、潤地、中海外及金茂升3%至6% 遭惠譽降級融創(01918.HK)挫17%創九年半低
阿思達克 03-16 10:46
港股自近十年低位反彈，屆今早(16日)約10時18分，恆指現升3%，後18,972點，成交656.59億元。國統局公佈，內地2月一線城市商品住宅售價按月漲幅回落，三線城市售價降幅擴大。內房股今早表現分化。龍頭及國企背景內房造好，龍湖(00960.HK)、華潤置地(01109.HK)、中海外(00688.HK)及中國金茂(00817.HK)升3.4%至6.3%。另合景泰富(01813.HK)、中國恆大(03333.HK)及中國奧園(03883.HK)各升逾3%、雅居樂(03383.HK)升1.6%。
合生創展(00754.HK)靠穩，現報11.68元。遠洋集團(03377.HK)亦靠穩，現報1.36元。
不過多家民營內房亦逆市受壓，碧桂園(02007.HK)現跌2.9%，報3.65元，創約五年半低；融信中國(03301.HK)跌5%，報1.88元，創新低；旭輝(00884.HK)跌1.5%，報2.68元，創逾三年低；世茂集團(00813.HK)跌2%，報3.49元，創逾十三年低；寶龍地產(01238.HK)跌3.6%，報2.14元，創五年低。
融創中國(01918.HK)股價四連跌，今早(16日)高開3.8%，報3.81元後，初段曾升見3.96元，但隨後轉勢急挫，現倒跌近17%，報3.05元，創逾九年半低，成交3.47億股，涉11.52億元。
融創近期債價大跌，公司隔晚(15日)稱，由於近期公司債券價格波動較大，爲切實保護投資者權益、維護市場平穩運行，公司將於3月16日起，針對「16融地01」、「16融創05」、「16融創07」、「20融創01」、「20融創02」、「21融創01」、和「21融創03」，調整上述債券投資者適當性管理安排，調整後上述債券僅限專業投資者中的機構投資者買入，原持有上述債券的專業投資者中的個人投資者可以選擇繼續持有到期或者賣出債券。
惠譽週二晚間發佈報告稱，將融創發行人違約評級、高級無抵押評級和未償高級無抵押票據評級由「BB-」、下調至「B-」，回收率評級爲「RR4」、。並將上述所有評級均被列入負面評級觀察名單。
另高盛發表研究報告，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%。高盛將中海外列入確信買入名單，目標價由25元上調至30元，並將潤地剔出確信買入名單，不過續予「買入」評級。
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