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《大行報告》大和維持對內房中性看法 偏好潤地(01109.HK)及中國海外(00688.HK)
大和發表研究報告指,內地解除對發展商股權融資的禁令,有助拓寬存續開發商融資渠道,而最近多項政策表明,政府目前對行業的態度不只是「保交樓」,是要確保發展商能夠生存。該行對內房行業維持「中性」看法,看好財政穩健的國有企業,重申潤地(01109.HK)及中國海外(00688.HK)的「買入」評級,目標價分別為43.2元及28.8元。 該行表示,內地監管機構將終止對發展商的股權融資禁令,是要向市場發出積極信號,因為這將擴寬現存開發商的融資渠道,尤其是A股發展商,並為他們提供更多緩衝,以在沒有承擔更多債務或抵押資產的情況下,應對困難的環境。同時,該行認為,「借殼」上市的恢復為擁有土地資源的企業與陷入困境的發展商合併提供了可能性,而這可能是他們的一種生存方式。 該行續指,「三支箭」的救市措施暗示政府將重心轉移,對行業來說是積極訊號。然而,該行認為,目前構成發展商主要現金流入的新屋銷售表現仍然低迷,加上由於缺乏可供抵押的資產和高違約風險,這些政策對財務薄弱的發展商可能效用較低。
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