《大行報告》匯豐研究:碧桂園(02007.HK)試圖重組離岸債 美元優先票據違約不意外
匯豐研究發表報告指,內地市場忽略了內房行業的部分利好消息。政策方面,傳統熱點城市杭州放寬限購令,將首次購屋者的首付比例從30%降低到25%,當局並指導城市取消土地拍賣的價格上限。在銷售方面,根據國家統計局的數據,9月全國銷售略有改善。由於市場主要處於避險模式,行業溫和的正面發展被忽視。展望未來,該行預期一線城市將放寬更多限制,市場將關注三中全會是否有任何顯著的政策刺激。該行預期,今年剩餘時間全國銷售不會急速好轉,股價將因市場情緒疲弱而受壓。
該行表示,碧桂園(02007.HK)的美元優先票據違約屬預期之內,因為此前集團已正在尋求整體債務重組。該行認為,批准重組計劃將為發展商處置資產和維持營運提供空間,中期來說有助穩定市場。
該行提到,雖然國企的估值尚未回到較低水平,但優質國企仍然具有吸引力,看好中國海外(00688.HK)和華潤置地(01109.HK),均予「買入」評級,目標價分別為24.2元及47.9元。該行相信,當銷售情況因政策變得明確而復甦,加上買樓人士的信心隨著宏觀經濟改善而回升,兩間公司將受惠於市場份額增長。
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