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大行評級|摩根大通:內房違約應很快進入最後階段 四大內銀或繼續跑贏大市
格隆匯 07-08 10:21

摩根大通發表報吿指,假設市場對國企內房的信心仍然完好,內房違約應該很快就會進入最後階段,儘管民營內房企可能還會有一些違約情況。內房股方面,摩通行業首選是潤地、中海外和保利物業。信貸方面,內地高收益內房債券上半年取得雙位數回報。內房信用首選龍湖、越秀地產和中國綠城。

另外,該行指,雖然見到內房商資產負債表有所惡化,但認為對銀行資產質量的影響可控,因為開發商債務包括貸款和債券僅佔銀行資產的4.5%,而且開發商貸款的貸款價值比較低;銀行對按揭貸款增長預期保持審慎。該行認為對銀行資產質量的影響可控,四大內銀可能繼續跑贏大市,首選建行。

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