《大行報告》野村:內房基本面仍疲弱 行業首選潤地(01109.HK)
野村發表研究報告指,近日報道指內地當局考慮出台房地產行業救助計劃,包括設立房地產基金及推出新一輪國家棚戶區改造計劃,預期設立房地產基金屬合理方法,將有助於恢復停工項目的建設,安撫受影響買家,緩解社會憂慮。惟該行提醒,應監察基金的執行細節及實際應用情況,以避免地方政府及開發商不當使用的風險。
該行預期,現階段推出棚改相關支持措施的可能性較小,指出2016至2018年棚改及相應的房地產行業過度槓桿化,為當局2020年中起開展行業去槓桿的主因之一,不確定當局是否會再次使用相同的政策工具。
考慮到市場情緒疲弱及對經濟增長放緩的長期擔憂,野村認為潛在政策對刺激住房需求的影響有限,維持對內房行業銷售前景的悲觀看法,唯一行業首選為華潤置地(01109.HK),予以「買入」評級。
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