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《大行報告》花旗:偏好新加坡發展商多於香港地產股 港銀選中銀(02388.HK)
花旗發表亞洲銀行及房地產行業報告,指利率上升通常會導致房地產市場放緩,而香港的房地產市場一直受壓,新加坡則逆勢而上。該行認為,在房地產市場趨勢分化下,新加坡的銀行較香港銀行處於更有利的位置,反映資本和人才流動,加上經濟前景的差異。 花旗提到,其壓力測試表明,假設按揭利率達4%,香港及新加坡的家庭債務在利率提高下都有韌性。於投資上,該行偏好新加坡發展商多於香港地產股,對新地(00016.HK)評級為「買入」,長實集團(00013.HK)評級為「中性」,並對恆地(00012.HK)及新世界(00017.HK)看法審慎,兩企評級分別「沽售」及「中性」。至於港銀股則喜好中銀香港(02388.HK),因花旗認為淨息差上升可抵銷資產質素的風險,評級「買入」。
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