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《大行》滙豐研究:即使內房再次出現配股亦不太可能終結目前升勢 偏好潤地(01109.HK)及建發(01908.HK)
滙豐研究發表報告指,內房板塊近期急速反彈,約一個月上漲24%,同期恒生指數僅升2%,再度引發市場關注開發商是否會重返股權市場。雖然配股並非該行基本情境,但急劇的股價重估令機會性融資變得更有可能出現。不過,該行指,重要的是融資的理由未必與資產負債表重組需求直接相關,因為目前板塊內的公司已大幅「清洗」,以財務穩健的國企及具韌性的民企為主,它們已成功渡過行業下行期...
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《大行》滙豐研究:即使內房再次出現配股亦不太可能終結目前升勢 偏好潤地(01109.HK)及建發(01908.HK)
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滙豐研究發表報告指,內房板塊近期急速反彈,約一個月上漲24%,同期恒生指數僅升2%,再度引發市場關注開發商是否會重返股權市場。雖然配股並非該行基本情境,但急劇的股價重估令機會性融資變得更有可能出現。

不過,該行指,重要的是融資的理由未必與資產負債表重組需求直接相關,因為目前板塊內的公司已大幅「清洗」,以財務穩健的國企及具韌性的民企為主,它們已成功渡過行業下行期。更合理的考量應是提升股票流動性及擴大股東基礎,類似建發(01908.HK)  -0.130 (-0.715%)    Short selling $12.43M; Ratio 11.333%   去年配售的性質。而以折讓價配售亦可視為投資者以較佳入場價建倉的機會。

隨著基本面持續改善,該行認為即使再次出現配售活動,亦不太可能終結當前升勢,僅可能帶來短暫喘息,尤其步入6月傳統高峰期新房銷售動能有望進一步增強。

該行在內房板塊中最看好華潤置地(01109.HK)  +0.020 (+0.052%)    Short selling $71.61M; Ratio 28.165%   及建發,因其盈利能見度較高,且擁有豐富的高端項目儲備,有望充分受惠於一二線城市帶動的板塊復甦。同時相信建發在今年至今的股價表現仍有追趕空間。(ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 12:25.)

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