《大行報告》高盛降長實集團(01113.HK)評級至「中性」 升恆地(00012.HK)評級至「中性」
高盛發表研究報告指出,本港利率開始上升,地產市場交易仍然疲弱,相信對地產發展股的不利因素正在加劇,即使估值處於低位,大部分地產股前景展望仍負面。該行認為,雖然宏觀前景有改善、內地與本港放寬邊境限制、美元升值結束及重大企業重組,都有可能實現,但時間難以確定,因此推動整個行業重新評級的催化劑仍具不確定性。
該行在其模型中反映最新的本港樓價下跌預測及利息成本提高的影響,將行業資產淨值(NAV)預測平均下調約3%,2022至2024年各年每股盈測分別削14%、12%及4%,每股派息預測平均下調約1%、2%及2%。
此外,高盛將長實集團(01113.HK)評級由「買入」降至「中性」,並剔出確信買入名單;另將恆地(00012.HK)評級由「沽售」升至「中性」。高盛予新地(00016.HK)、恆地及嘉里建設(00683.HK)(評級均為中性)的目標價,意味上升空間平均料約30%,;而該行予新世界發展(00017.HK)、長實及信和置業(00083.HK)的目標價,意味上升空間料分別逾40%、最多9%及約0%,詳見另表。
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