《大行報告》富瑞上調潤地(01109.HK)及龍湖(00960.HK)目標價 降中國海外(00688.HK)目標價
富瑞發表研究報告指,內房股2022財年業績基本符合預期,儘管交付穩健,但利潤率壓縮及庫存減值將繼續拖累收益。該行認為,中國開發商於2023財年的的表現會更好,在更穩定的房地產市場上,料銷售重新加快,經常性收入激增,並且有望獲重新評級。
該行繼續看好擁有豐富一、二線城市可售資源和強大IP曝光率的發展商,即中國海外(00688.HK)、華潤置地(01109.HK)和龍湖(00960.HK),相信他們將從市場復甦中受惠。該行將中國海外目標價由29.06元下調至24.71元,華潤置地和龍湖分別升至47.76元及31.99元。該行對萬科(02202.HK)持謹慎態度,認為即使需求回升,其過去幾年的投資相對低迷,或會限制銷售的上行空間,將其H股評級降至「持有」。
富瑞發表研究報告,對內房股投資評級及目標價表列如下:
股份 | 投資評級 | 目標價(港元)
華潤置地(01109.HK) | 買入 | 45.49元 -> 47.76元
龍湖集團(00960.HK) | 買入 | 28.79元 -> 31.99元
萬科企業(02202.HK) | 持有 | 26.04元 -> 11.98元
中國海外發展(00688.HK) | 買入 | 29.06元 -> 24.71元
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