《大行報告》摩通:內地重申政策寬鬆方向 對發展商正面
摩根大通發表報告指,於上週五(3日)恆大(03333.HK)公佈不擔保履行財務義務後,內地四個不同部門包括廣東省政府、人民銀行、銀保監會和證監會都做出了迴應。雖然大部分敘述與人行10月中的所言相似,但該行看到兩個新訊號,包括今年首次提到對換樓抵押貸款需求的支持,表明可能會有所放鬆;且更明確提到放寬併購貸款。
該行認爲,內地當局的評論是重申了寬鬆的方向,雖然仍不太可能有全面的政策放鬆,但此對發展商屬正面,因在房屋銷售疲弱及嚴格控制預售收益的情況下,發展商仍然面臨流動性緊張的問題。
選股方面,摩通看好跑贏大市的防守性股份,包括華潤置地(01109.HK)及龍湖(00960.HK)。對於喜好追落後的投資者,該行建議在「BB」類信貸評級中選擇旭輝(00884.HK)。(ek/k)
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