《大行報告》大摩:近兩周大部份機構投資者看淡內房前景 憂碧桂園債務違約傳染風險
摩根士丹利發表報告指,過去兩周與50多位機構投資者會面,他們大部分都看淡內房前景,對內房和物管股持倉有限。
報告指,大部分機構投資者普遍不期待有大的刺激政策出台,並關注目前寬鬆措施是否能對房地產銷售產生重大影響,尤其擔心碧桂園(02007.HK)可能出現債務違約帶來的蔓延風險。他們亦已減持內房板塊,並在場外等待有關政策和實際市場改善的更多信號。
報告指,機構投資者對內房股討論仍然較少,並似乎較迴避民企內房商。在物管公司方面,華潤萬象生活(01209.HK)因其零售相關性而受到關注,其次是盈利增長穩健且估值較低的中海物業(02669.HK)和保利物業(06049.HK)。萬物雲(02602.HK)因其不斷改善的營運狀況而備受關注,而碧服(06098.HK)仍是主要的沽空候選對象。
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