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《大行報告》摩通:內房銷售改善緩慢 短期難提振市場信心
摩根大通發表研究報告指出,內房及物管股的股價於過去幾周分別跌10%及14%,相對於同期國指跌9%,相信行業將持續跑輸。雖然物業銷售有逐漸溫和改善,但短期難提振市場信心,因為在中共「二十大」後內房政策並無變化,對更強勁或放寬政策的憧憬降溫;樓價仍然疲弱;在旭輝(00884.HK)早過預期違約後,投資者對內房流動性信心仍然低迷。 該行認為,基於宏觀疲弱情緒,短期內即使是國企內房的股價料續低迷,但在憧憬更強勁的寬鬆政策或銷售穩健改善等情況下,建議逢低買入純國企股份如中國海外發展(00688.HK)及華潤置地(01109.HK),惟對大部分民企內房及物管股持慎態度,包括碧桂園(02007.HK)、碧桂園服務(06098.HK)、旭輝、旭輝永升服務(01995.HK)、融創服務(01516.HK)和世茂服務(00873.HK)。
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