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《大行報告》高盛:內地政府採取系統性方法解決房地產流動性壓力 中國海外(00688.HK)仍為首選
高盛發表研究報告指,人民銀行及中銀保監等部門聯合發布關於房地產行業的多項支持措施,提出更具體、更系統性方法幫扶,預期後續政策落實及執行時,應該能為行業帶來更多利好,包括在短期內減少開發商的潛在違約機會、降低項目未能完工風險、改善市場情緒等,料將支持樓市交投觸底反彈。 該行預計,仍在正常經營中的民營房企將在銷售及項目建設方面受惠最多,其次是國企開發商。而對於面臨高流動性壓力的開發商,政策影響料將取決於手頭項目的資產質量,以及樓市復甦的步伐。 高盛指,該行覆蓋的內房開發商股價11月以來平均回升了87%,境外上市國企及民營平均市賬率水平分別達0.3及0.5倍,而境內上市的亦達到0.6及0.9倍,認為仍在正常營運的國企和民營企業而言,估值的進一步恢復將取決於未來房地產銷售復甦,而財務狀況較緊張的民企則需要徹底解決其資金缺口。 高盛仍然列中國海外(00688.HK)為行業首選,評級「確信買入」,目標價32.2元,並對旭輝(00884.HK)、龍湖(00960.HK)及金地集團(600383.SH)給予「買入」評級。
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