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《大行報告》瑞銀下調寶龍地產(01238.HK)、合景泰富(01813.HK)、寶龍商業(09909.HK)及中駿商管(00606.HK)目標價
瑞銀發表研究報告指,在去年下半年房地產市場下行週期中,地方政府融資平台成為土地市場主要參與者,然而投資者擔憂地方政府融資平台或從開發商手中奪取大量市場份額。 該行認為,地方政府融資平台不太可能持續收購土地,預期佔比未來會回落至5%至10%,而穩健的開發商市場份額應超過10%。瑞銀預期,市場整合下實力較弱的房地產開發商將退出市場,首選仍是華潤置地(01109.HK)、中海外(00688.HK)及保利發展(600048.SH),亦看好綠城管理(09979.HK),評級「買入」。 鑑於復甦不確定性導致的流動性風險上升,瑞銀相應下調部分內房及物管股的目標價,其中寶龍地產(01238.HK)目標價由3.7元降至1.7元,合景泰富(01813.HK)目標價由5.1元降至2.7元,寶龍商業(09909.HK)目標價由15.3元降至6.2元,中駿商管(00606.HK)目標價由3.6元則降至1.85元,評級均為「中性」。
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