大行評級|大摩:偏好如華潤萬象生活及保利物業等物管公司多過發展商
摩根士丹利研究報吿指,內房股上半年業績盈利大致符合預期,物業發展利潤令人失望,認為在物業銷售不明朗下,利潤受壓會持續至2026年,並建議投資者選擇具防守性的國企公司。大摩指,即使去年下半年的低基數有助減少按年跌幅,但下半年盈利或持續低迷。該行下調整個行業今年至2026年的每股盈利預測分別10%、10%及12%,以反映銷售展望疲軟、毛利持續承壓及經常性收入放緩等三大因素。
該行仍偏好如華潤萬象生活及保利物業等物業管理公司多過發展商,建議投資者繼續持有具防守性的國企,如華潤置地、綠城中國及中海外。該行下調建發國際集團目標價至16.81港元,評級“持有”;中國金茂目標價由0.54港元升至0.67港元,評級“與大市同步”;新城發展目標價由1.39港元上調至1.63港元,評級“增持”;萬科企業目標價由5.15港元降至3.52港元,評級“與大市同步”。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.