《大行報告》匯豐研究削合景泰富(01813.HK)目標價33%至0.8元 偏好中海外(00688.HK)及潤地(01109.HK)
匯豐研究發表報告指,合景泰富(01813.HK)未能按時償還債務成為近期市場焦點,並導致內地房地產行業重新出現避險趨勢。報告認為,市場對此消息反應過度,因財務風險是已知情況。這亦反映了三大重點,即使市場對陷入財困內房興趣不大,市場對負面消息仍高度敏感;民營內房持續面對財政壓力;內房危機遠未解決,復甦路徑具不確定性。報告大削合景泰富目標價33%,由1.2元降至0.8元,評級「持有」。
報告認為,內房繼首季強勁銷售表現後,銷售情況緩和,加上市場對融資問題的重新關注,可能會在短期內給該行業帶來進一步的政策上行空間。地方政府將繼續通過放寬購房限制、戶口登記、抵押貸款要求等來促進需求。
該行指出,中海外(00688.HK)及潤地(01109.HK)是其行業首選,看好它們擁有豐富的可銷售資源和土地收購,預計將推動今年雙位數銷售增長。目標價分別26.8元和47.9元,評級各為「買入」。
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