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《大行報告》摩通維持對內房股審慎看法 偏好本港地產股
摩通發表報告指出,市傳中央出手救萬科(02202.HK),內房股昨日(12日)上升8%,相對於恆指升3%。雖然中央有可能要求金融機構支持萬科,惟該行對部分細節表示懷疑,認為中央的幫助是基於「盡力而為」的基礎,而非「全力以赴」。 此外,該行認為中央為避免一些領先的開發商債務違約而作出的努力,並不足以消除該行對內房銷售疲弱的最大憂慮,3月份內房銷售按月有所改善可能是由於季節性因素。而直至該行看到內房銷售復甦和房價穩定為止,其對內房股將維持審慎看法,並建議沽售內房民企。 相對而言,該行較為偏好本港地產股,認為自財政預算案披露以來,該板塊表現大致與恆指一致。近期強勁的銷售勢頭可能至少對股價下行趨勢有支持,儘管投資者信心仍然較低。 內房股方面,該行較為看好華潤置地(01109.HK)、中海物業(02669.HK)及保利物業(06049.HK)。本港地產股方面,該行較為偏好長實集團(01113.HK)、信置(00083.HK)、領展(00823.HK)。另建議避開碧桂園服務(06098.HK)、碧桂園(02007.HK)、融創中國(01918.HK)與新世界發展(00017.HK)。目標價及評級見另表。
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