《大行报告》高盛下调富力(02777.HK)评级至「沽售」 降雅居乐集团(03383.HK)至「中性」
高盛发表研究报告,提升对2021至30年中国物业销售预期,平均调高18%。不过因应「三条红线」与国家土地政策的变更,预期高峰期将较原先预期2025至26年,延後2至3年才出现,而盈利预测平均调高6%。
该行指,虽然对长远利润水平更乐观,行业估值吸引,但相信周期性因素,如信贷和政策收紧,将会是短期主要的价格增长动力,而股价表现则会因个别公司预期、展望和持续性有所不同。首选维持润地(01109.HK)与宝龙地产(01238.HK),同例确信「买入」名单;富力(02777.HK)评级则下调至「沽售」,因其资产负债表弱导致增长前景不济;雅居乐(03383.HK)股价已经跑赢大市,催化剂有限,评级亦由「买入」降至「中性」。
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