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《大行报告》美银:人行出台支持民企债融资计划令人惊喜 料碧桂园、龙湖及旭辉等受惠
内房股今早抽升,碧桂园(02007.HK)股价飙升23.6%报1.78元,雅居乐(03383.HK)弹高10.9%,龙湖(00960.HK)扬12.4%,旭辉(00884.HK)弹高43%。由人民银行主管的中国银行间市场交易商协会公布,继续推进并扩大民营企业债券融资支持工具(第二支箭),支持包括房地产企业在内的民营企业发债融资,预计可支持约2,500亿元人民币民营企业债券融资,后续可视情况进一步扩容。 美银证券中国房地产行业发表报告表示,对人行今次推出新支持措施感到惊喜,目前尚不清楚有多少配额是给予内地房地产开发商的,但如果分配的全部金额用于房地产企业,2,500亿人民币额度就相当于具前景开发商候选企业的短期债务总额。 该行认为,近期内地房地产行业的反弹,包括一些陷入困境的股票,可能部分反映了这种政策举措,但人行将直接为债券购买提供资金超出了该行的预期。 美银证券估计,潜在受惠上述消息的内房开发商包括雅居乐、美的置业(03990.HK)、龙湖、碧桂园、新城发展(01030.HK)、旭辉(00884.HK)、金地(600383.SH)、卓越、新希望(000876.SZ)、德信地产、大华集团、仁恒置地。该行指相关上市房企,截至今年上半年的短期债务总额为2,500亿人民币 另一方面,美银证券为这一政策举措可能对实质的市场的影响有限,由于购买力有限和内地房价疲软,购房者持谨慎态度。鉴于以往政策一再令市场失望,该行认为对房地产行业的援助金额宜持「保守」看法。该行认为,真正改变内房股总体环境的是实体楼市销售复苏,但预计在2023年仍将面临压力。(wl/u) ~
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