《大行報告》匯豐研究:預算案對房地產業影響微 偏好收租股
匯豐研究表研究報告指,新一份《財政預算案》計劃減少首置買家的印花稅,該政策對房地產行業的實際影響很微弱,但表明了對板塊略為利好的政策立場。相比地產商,該行更看好經營零售租賃業務的收租股,偏好九置(01997.HK)、希慎(00014.HK)及恆隆地產(00101.HK),均予「買入」評級,目標價分別53元、31.5元及18.9元。
該行表示,在預算案中令人驚喜的是政府連續三年派發電子消費券,由於政府需要在財政上保持審慎,故該行一直認為再次派發的可能性較低。該行相信,這項措施或有助於支持本地零售市場的復甦,同時鑑於香港與內地之間的重新開放,旅遊開支亦會回升。
該行預計,經營零售租賃業務的收租股剛剛進入估值重評週期的早期階段,同時租金錄得上升,而發展商正處於資產重新定價週期的後期階段。另外,基於寫字樓供應激增並創下二十年來的新高,且租賃需求低迷,該行認為商廈收租股的吸引力較低。
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