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<Research>JPM Expects CN Home Developers to Outperform in Short Term; Top Picks CHINA RES LAND/ CHINA RES MIXC
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Chinese home developers saw their share prices rebound by 4% yesterday (14th), above the 1% growth of the HSI over the same period, according to JPMorgan's research report. JPMorgan attributed the outperformance to the Iceberg Index that showed a YoY increase of 36% in real-time second-hand home transactions across major Chinese cities in April, solid transaction momentum in major cities (especially Shanghai) as indicated by official data on online transactions, and market speculation over potential policy support ahead of the Politburo meeting at the end of April. After several weeks of sluggish performance, JPMorgan believes China's property sector could outperform the broader market in the short term on strong growth in second-hand market transaction volumes and the strategic timing of the Politburo meeting at the end of April. JPMorgan named CHINA RES LAND (01109.HK) and CHINA RES MIXC (01209.HK) as its top picks, though it predicted state-owned developers CHINA OVERSEAS (00688.HK) and CHINA JINMAO (00817.HK), as well as private developer LONGFOR GROUP (00960.HK), to have higher beta. Meanwhile, robust second-hand transactions (if sustainable) should directly benefit BEKE-W (02423.HK). Auto-translated by AI AASTOCKS Financial News |
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