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《大行报告》汇丰研究提出内房四大主题 推荐14只个股
汇丰研究发表报告指,内房板块经历首季强劲势头后,市场情绪由乐观变成失望。房市复苏及相关上下游板块停滞,4至5月数据转弱,行业面对实际考验。该行认为,不应过份悲观,因市场预期低企,现时估值提供入市机会,该行一些分析师更上调股份的评级。 现时内房估值徘徊于去年11月低位,该行称,投资者正疑惑需要发生甚么事情使复苏重回正轨。汇丰研究称,唯一办法是政策支持。该行料以宏观政策刺激、政策银行类财政政策,以及精准房市政策调整的组合拳形式出现。倘没有政策支持,则房市销售及消费难以复苏。政策工具需要全面,包括向房企提供流动性支持、调整首付比例和按揭利率、税务优惠,以及放宽限购。 该行提出内房四大主题,并推荐14只个股,主题包括(一)盈利可见度,如冷气机产量增长计划(格力、美的);(二)与6月「618」促销有关(如敏华);(三)有出口敞口(如杭叉集团);(四)受惠经营模式改变,如在可再生能源项目中采用新技术及有持续动力(如中国建筑国际)。倘内地新屋动工量及竣工量有意外惊喜,则有望驱动内房相关板块需求复苏。 汇丰研究在内地房市复苏呆滞主题下喜好股份,现表列如下: 股份|投资评级|目标价 内房及经纪商 润地(01109.HK)|买入|47.9港元 中海外(00688.HK)|买入|26.8港元 碧桂园(02007.HK)|买入|2.9港元 贝壳(BEKE.US)|买入|23.3美元 建筑机械及重卡 杭叉集团(603298.SH)|买入|23.8元人民币 中国重汽(03808.HK)|买入|15.5港元 建筑 中国建筑国际(03311.HK)|买入|13.5港元 中国电建(601669.SH)|买入|11.9元人民币 建材 海螺水泥(00914.HK)|买入|34元 中建材(03323.HK)|买入|8.5元 白色家电 格力(000651.SZ)|买入|51元人民币 美的(000333.SZ)|买入|67元人民币 家具 敏华(01999.HK)|买入|9.1港元 防菌、防水及镀膜 龙佰集团(002601.SZ)|买入|18.8元人民币
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