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《大行報告》匯豐研究下調碧桂園(02007.HK)目標價至0.9元 物管股偏好中海物業(02669.HK)及華潤萬象生活(01209.HK)
匯豐研究發表報告,預計降價和建築施工速度放緩將繼續影響內地房地產開發商上半年利潤率和預售收入表現,並將削弱物業管理公司增長速度。不過,由於幾間國企內房的良好業績記錄和抵禦市場逆風的能力,該行仍對國企內房建設性態度,認為投資者應在中期業績作重新審視,並在政府加大政策支持力度後重新評估該等公司的潛力。 報告又指,對華潤置地(01109.HK)營運和財務狀況最有信心,因其銷售表現穩健,租金收入復甦強勁。該行亦根據碧桂園(02007.HK)盈警,將今年盈利預測下調至出現淨虧損,主要受毛利率下跌及減值拖累,目標價由1.1元降至0.9元,但仍維持「持有」評級。在內房商中,該行更看好「買入」評級的潤地和中海外發展(00688.HK)。 物管股方面,該行更偏好予「買入」評級的中海物業(02669.HK)及華潤萬象生活(01209.HK),兩家公司利潤率狀況穩定。與該行覆蓋範圍中,中海物業利潤率更具韌性,去年下半年毛利率較上半年有所提高,與整個行業的毛利率下降趨勢不同。
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