《大行報告》匯豐研究下調嘉里(00683.HK)及九倉(00004.HK)評級至「持有」 恆地(00012.HK)降至「減持」
匯豐研究發表研究報告,承認對香港房地產市場過於樂觀,預期中的強勁復甦已告失效,認為樓價下跌且需求疲弱,將今年樓價預測下調至0%,並預期明年上半年在市場開始穩定之前樓價將跌5%。該行原先對今年樓價預測增長8%,明年增長4%。
該行解釋,本港最近按息上調50點子,加上經濟復甦疲弱,均可能進一步損害本已脆弱的市場情緒。 而該行的三個領先指標——財富效應、銀行對按揭貸款與房屋估值的信心,以及交易量,都顯示出進一步的疲軟。 此外,該行預期發展商將對新推項目價格大幅降低,以犧牲獲利能力來增加銷量。
此外,該行在擴大估值折讓以反映房地產市場充滿挑戰的前景後,對本港發展商的2024至2025年盈利預測下調9.9%至10.4%,目標價平均下調15%(見另表)。當中,將恆地(00012.HK)由「持有」評級下調至「減持」,對嘉里(00683.HK)及九倉(00004.HK)評級由「買入」降至「持有」。另偏好長實(01113.HK)及信和置業(00083.HK),認為他們的現金充裕,在困難的市場中處於更為有利的地位,因在大部分同業專注於財務紀律時,他們則以合理的成本擴充土地儲備。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.