《大行》瑞銀:施政報告未提減住宅印花稅料地產股受壓 但料恆地(00012.HK)表現或跑贏同業
瑞銀表示,新一份《施政報告》未有如該行預期中削減住宅印花稅,「房地產互聯互通」沒有任何進展,亦沒有REIT互聯互通的時間表。符合該行預測的是,政府加速推進北部都會區發展,並將3,000萬至5,000萬港元的豪宅投資納入新「資本投資者入境計劃」。
對私人住宅市場而言,政府未有推出公屋「租置計劃」,並將居屋白表配額由60%降至50%,均屬正面訊號。
該行預期,地產商股價將因缺乏減稅措施而輕微承壓,但恆基地產(00012.HK)表現或好過同行,因其受惠於農地收回加速、補地價付款靈活性提升,以及市區重建項目獲批更高容積率,現予「買入」評級,目標價29元。
至於新鴻基地產(00016.HK),或因股息收益率較低,且沒有削減住宅印花稅而承壓,予「買入」評級,目標價96元。
另外,領展(00823.HK)與九龍倉置業(01997.HK)可能遜於同行,因REIT互聯互通進展有限,而且吸引旅客的措施不足;分別予「買入」及「中性」評級,目標價為44.2元及20元。
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