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<Research>CICC: CN Potential Adjustment in Short-to-medium-term Home Policy May Bring Some Trading Chances; CHINA RES LAND, CHINA OVERSEAS Preferred Among H-shrs
Recommend 21 Positive 19 Negative 22 |
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The trading volume of second-hand properties dropped slightly MoM in August, while the trading contraction and the incline in supply widened the decline in transaction prices compared with that of July, CICC released a research report saying. The current property market trading volume dropped, while the number of second-hand properties for sale inclined, putting more pressure on home prices, and further expanding the MoM decline in second-hand home prices in August, CICC added. In this context, combined with the current stage of developers' operation and the lag of inflection point for results, it is more difficult for the industry to show long-term trend investment opportunities, while potential policy adjustments may still bring certain transactional opportunities in the short to medium term, for example, the recent bottom fluctuations in the sector brought about by investors' elevated policy expectations. For property developers, CICC recommended the H-shares of CHINA RES LAND (01109.HK) and CHINA OVERSEAS (00688.HK). For property managers, considering that the current valuation level much adequately reflects the business model and potential risks of property managers, and the return of subsequent profit growth and dividend yield will become the main basis for stock selection in the market, CICC suggested deploying enterprises with medium- and long-term allocation value on the left dip side of the market. The broker preferred CHINA RES MIXC (01209.HK), GREENTOWN SER (02869.HK) and POLY PPT SER (06049.HK). AAStocks Financial News |
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