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《大行報告》匯豐研究提出內房四大主題 推薦14隻個股
匯豐研究發表報告指,內房板塊經歷首季強勁勢頭後,市場情緒由樂觀變成失望。房市復甦及相關上下游板塊停滯,4至5月數據轉弱,行業面對實際考驗。該行認為,不應過份悲觀,因市場預期低企,現時估值提供入市機會,該行一些分析師更上調股份的評級。 現時內房估值徘徊於去年11月低位,該行稱,投資者正疑惑需要發生甚麼事情使復甦重回正軌。匯豐研究稱,唯一辦法是政策支持。該行料以宏觀政策刺激、政策銀行類財政政策,以及精準房市政策調整的組合拳形式出現。倘沒有政策支持,則房市銷售及消費難以復甦。政策工具需要全面,包括向房企提供流動性支持、調整首付比例和按揭利率、稅務優惠,以及放寬限購。 該行提出內房四大主題,並推薦14隻個股,主題包括(一)盈利可見度,如冷氣機產量增長計劃(格力、美的);(二)與6月「618」促銷有關(如敏華);(三)有出口敞口(如杭叉集團);(四)受惠經營模式改變,如在可再生能源項目中採用新技術及有持續動力(如中國建築國際)。倘內地新屋動工量及竣工量有意外驚喜,則有望驅動內房相關板塊需求復甦。 匯豐研究在內地房市復甦呆滯主題下喜好股份,現表列如下: 股份|投資評級|目標價 內房及經紀商 潤地(01109.HK)|買入|47.9港元 中海外(00688.HK)|買入|26.8港元 碧桂園(02007.HK)|買入|2.9港元 貝殼(BEKE.US)|買入|23.3美元 建築機械及重卡 杭叉集團(603298.SH)|買入|23.8元人民幣 中國重汽(03808.HK)|買入|15.5港元 建築 中國建築國際(03311.HK)|買入|13.5港元 中國電建(601669.SH)|買入|11.9元人民幣 建材 海螺水泥(00914.HK)|買入|34元 中建材(03323.HK)|買入|8.5元 白色家電 格力(000651.SZ)|買入|51元人民幣 美的(000333.SZ)|買入|67元人民幣 家具 敏華(01999.HK)|買入|9.1港元 防菌、防水及鍍膜 龍佰集團(002601.SZ)|買入|18.8元人民幣
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