《大行報告》瑞信:佳兆業與長城等合作可成內房資產處置「樣本」 料提振市場情緒
就佳兆業集團(01638.HK)、招商蛇口(001979.SZ)及中國長城訂立戰略合作協議,合作將包括合營安排及資產收購。瑞信發表報告認爲,行動顯示國有企業更加積極參與內房發展商資產處置,兼且留意到內地多個城市陸續放鬆內房政策,包括蘭州、衢州及秦皇島。
該行指,Omicron疫情爆發導致整體經濟放緩,加上內房年初以來銷售疲軟,令更多城市放鬆房地產措施。該行期望招商蛇口、長城資產和佳兆業簽訂的框架,可以爲資金緊張的開發商提供資產處置的「樣本」。
瑞信認爲內地購房情緒的改善,應可支持新房的銷售表現,從而縮小2022年4月房地產銷售的按年跌幅。
該行預計利好消息將會繼續提振市場情緒,尤其是開發商的負面消息(例如延長債務期限、延遲發佈已審計業績等)很大程度上已股價上反映。該行料高啤打值的內房股短期股價跑贏大市,但最大風險是潛在的配股因素。
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