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《大行報告》美銀證券升九倉(00004.HK)目標價至33元 下調長和(00001.HK)目標價至66元
美銀證券發表報告,在進入今年上半年的盈利公布時間,維持對本港地產發展商不冷不熱的看法,認為行業估值不昂貴,且普遍有強勁的資產負債表,不過預期按揭利率將於下半年更快上升的情況下,行業面對需求不確定性。該行估計,一個月HIBOR於今年底將升至3.1%,高於早前預測的2.5%,明年底進一步上升至3.35%(但低於早前預測的4.55%)。 另一方面,美銀稱根據其調查,本港寫字樓市場仍面對「去中心化」問題,而零售物業市場表現依然取決於與內地通關的時間。不過,若如本地傳媒報道的香港或於11月明顯放寬甚至取消海外入境隔離措施,行業表現或會有提振。 行業中,該行喜好有強勁資產負債表的企業(最好有股票回購支持)如長實集團(01113.HK)、基本面有防守性的領展(00823.HK),及有重新開放潛在利好的太古A(00019.HK)及希慎(00014.HK)。 美銀又將九倉(00004.HK)股份目標價由31元上調至33元,評級「買入」;長和(00001.HK)股份目標價則由70元下調至66元,評級同為「買入」。
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