《大行報告》匯豐研究:若內地政策顯著放鬆 建立倉位迎內房漲勢屬合理
匯豐研究發表研報,指出若內地政策顯著放鬆,投資者為房地產股潛在廣泛反彈作準備亦屬合理,從回報角度來看,較大範圍的配置策略可以更好地捕捉升勢最強的股份,同時對沖個別房企的違約風險。
該行表示,國企背景中長期看好中國海外(00688.HK)及華潤置地(01109.HK),而民營企業中則看好旭輝(00884.HK)及碧桂園(02007.HK),投資評級均為「買入」。
匯豐研究預期中國房地產市場將緩慢且漸進地復甦,但指出如果復甦步伐較預期快,而政府加快推出刺激措施,則內房板塊或會出現大規模的風險偏好反彈,當中受疫情因素而被拋售的民營內房可能跑出。
匯豐研究又指,潛在信貸事件的發生及公司能否成功再融資對行業估值重估至關重要,估計近期投資者將關注時代中國(01233.HK) 8月到期的兩筆可回售債券,以及合景泰富(01813.HK) 9月到期的9億美元債券,認為中期業績將是投資者重新評估市場的時機。
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