《大行報告》花旗降內房股盈測及目標價 反映實體房市疲弱
花旗發表報告指,因應內地樓市的逆風,以及銷售前景具挑戰,將內房的盈利預測、目標市盈率及資產淨值折讓下調,其中目標價平均下調28%(詳見另文),今年至2025年的盈利預測下調14%至16%,資產淨值估算下調14%。
該行指,對內房的關注重點包括二手住宅價格調整、12月的銷售數據、全年盈利指引、中國恆大(03333.HK)明年1月清盤聆訊的進展、融創中國(01918.HK)重組後的債務比重、混合所有制房企的再融資會否改善、可能在明年上半年舉行三中全會的消息。該行預期樓市供需出現結構性調整,多於周期性的影響,偏好資產負債表溫和擴張、擁有充足土地儲備及市場份額的房企,行業明年預測市盈率5.6倍、資產淨值折讓70%、股息率5.7%,估值仍然吸引,首選華潤置地(01109.HK)及貝殼(02423.HK)。(cy/k)
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