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《大行報告》摩通下調內房及物管股目標價 偏好潤地(01109.HK)、保利物業(06049.HK)及中海物業(02669.HK)
摩根大通發表研究報告指,預計仍錄得盈利的內房及物管股,其上半年核心盈利將分別按年下降18%及增長5%,大部分國有企業或會錄得盈利增長,有望實現全年指引目標,同時,大部分民企繼續處於困境。該行提到,中央近日的言論確認了進一步的寬鬆措施,這或會在一段時間內維持股價的興奮狀態。然而,在政治局會議之後,該板塊已上升17%,並接近之前反彈的平均回報。另外,由於銷售持續疲弱,增量寬鬆措施可能無法及時緩解市場對民企流動性風險的憂慮。 該行更看好業績可能符合預期業績的國企,包括華潤置地(01109.HK)、保利物業(06049.HK)及中海物業(02669.HK);又建議根據增長差異採取配對交易策略,看好華潤置地,並看淡萬科(02202.HK)。 股份 | 投資評級 | 目標價 雅生活服務(03319.HK) │ 減持 │ 6.0元 → 4.5元 雅居樂(03383.HK) │ 減持 │ 1.5元 → 0.9元 中國金茂(00817.HK) │ 中性 │ 1.5元 → 1.25元 中國海外(00688.HK) │ 增持 │ 26元 → 22元 中海物業(02669.HK) │ 增持 │ 12元 → 11元 華潤萬象生活(01209.HK) │ 增持 │ 48元 → 43元 萬科企業(02202.HK) │ 中性 │ 13元 → 10.5元 綠城服務(02869.HK) │ 中性 │ 5.2元 → 4.0元 富力地產(02777.HK) │ 減持 │ 1.25元 → 0.8元 龍湖集團(00960.HK) │ 增持 │ 29元 → 23.5元 保利物業(06049.HK) │ 增持 │ 68元 → 55元 寶龍商業管理(09909.HK) │ 減持 │ 3.9元 → 3.5元 寶龍地產(01238.HK) │ 減持 │ 1.0元 → 0.8元 新城悅服務(01755.HK) │ 中性 │ 6.3元 → 5.0元 新城發展(01030.HK) │ 中性 │ 2.1元 → 1.7元 時代中國(01233.HK) │ 減持 │ 0.32元 → 0.25元 禹洲集團(01628.HK) │ 減持 │ 0.13元 → 0.10元
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