花旗:維持內房股前景正面看法 普遍上調目標價
花旗發表研究報告指,中國房地產目前呈現深度和廣度,支持其在穩固的基礎上增長。基於估值(預測市盈率6.5倍,較NAV折讓44%)和派息(股息收益率5.7%),該行認為行業未來仍有增長機會,特別是一些有協同效應的業務上,例如物業管理等。
該行指,從上而下分析,行業表現會於上半年繼續跑贏大市,主要受惠於減息(存準金率下調)、信用改善、有清晰的政策方向;而利潤方面,估計今明兩年的盈利分別增長22%及15%,2018-20年的銷售增長分別為28%、15%12%,部份具反週期性概念的內房股享有溢價(例如擁有租賃業務或土地儲備補充能力)。
該行首選融創(01918.HK)、世茂房地產(00813.HK)、時代中國(01233.HK)、旭輝(00884.HK) 、龍湖集團(00960.HK);同時看好合景泰富(01813.HK)、中駿集團控股(01966.HK)、寶龍地產(01238.HK)、美的置業(03990.HK)、龍光地產(03380.HK)。

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