《大行報告》花旗料民營內房及物管股短期反彈 首選潤地(01109.HK)、越秀(00123.HK)及綠城管理(09979.HK)
花旗發表研報指,內地當局加大對房地產行業的支持,其中龍湖(00960.HK)200億元人民幣債券發行申請已獲受理,另外據悉新城(601155.SS)及美的置業(03990.HK)亦分別申請150億及50億元人民幣的額度,預期當局將在人行指導下,堅持落實及擴大對非國有房地產發展商的融資支持。
花旗表示看好有關企業申請融資額度,帶來額外流動性支持,同時抵押要求略微放寬,擔保成本下降,料有助於緩解非國有內房的再融資壓力。但由於市場氣氛持續疲軟,該行預期第四季銷售可能表現較弱,復甦仍然需時,同時疫情因素影響下,認為雖然當局政策基調清晰,但行業的反彈將取決於銷售復甦時間表及疫情管控情況,相信樓價穩定仍是官方底線,同時房地產去金融化將繼續。
花旗預期政策推動內房及物管股短期反彈,即使基本面銷售復甦需時。行業估值緩衝了盈利風險。該行認為反彈將由民營內房引領,花旗首選股份為華潤置地(01109.HK)、越秀地產(00123.HK)及綠城管理(09979.HK),均予「買入」評級,目標價分別為46.1、12及8.2元。
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