《大行報告》瑞銀降碧桂園、碧服、萬科、新城發展及金科服務目標價 內房股首選潤地及中海外
瑞銀發表研究報告指出,根據其對2006至2007年美國房地產泡沫的數據研究,得出於房地產泡沫期間,中國房地產市場表現相比起美國及日本更為健康,因中國的家庭槓桿較低、城市化程度較低,以及金融體系更好。此外,中國政府為保持良好的金融體系,可能不太願意出手拯救非國企發展商。而中資發展商將去槓桿,並增加其於少數重點城市的份額,以建立優勢。
該行將碧桂園(02007.HK)、碧桂園服務(06098.HK)、金科服務(09666.HK)及新城發展(01030.HK)的目標價下調(見另表),以反映他們疲軟的合同銷售,另略為下調萬科(02202.HK)的目標價,而內房股中首選包括華潤置地(01109.HK)及中海外(000688.HK)。
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