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《大行報告》中金:看好內房股未來3至6個月收益表現 指基本面持續修復
中金發表研究報告指,去年整體內房股的營業收入按年下降14%,毛利率下降4.7個百分點至14.2%,盈利跌75%,基本符合市場預期。該行認為,財務壓力相對可控的房企業務雖然受壓,但資產負債表和土儲價值保全較完好,為中長期發展提供根基;而出險房企損益表和現金流則顯著承壓,令資產負債端繼續劇烈收縮,「三條紅線」指標明顯惡化。 該行建議投資者積極把握優質標的結構性投資機會,考慮到當前穩定的行業政策基調能對投資者情緒形成支撐,加上地產基本面持續修復、仍存正向預期差,看好內房股未來3至6個月的收益表現,而龍頭央國企、財務穩健民企在銷售和增儲端相較其他民企的優勢在持續擴大,可積極關注回調帶來的投資機會。 該行推薦均好型標的如中海發展(00688.HK)、華潤置地(01109.HK)、越秀地產(00123.HK)、建發國際(01908.HK);及財務穩健的低估值標的,例如綠城中國(03900.HK)、中海宏洋(00081.HK)、美的置業(03990.HK)。
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