Credit Suisse Adjusts TPs on CN Developers; CIFI, Sunac Liked in Short Run
Credit Suisse Adjusts TPs on CN Developers; CIFI, Sunac Liked in Short Run
High-beta Chinese property developers may see a wave of rebound as the Chinese government's property policy will likely remain relaxed in near-term, reported Credit Suisse. Despite the lingering uncertainties over debt repayment, the undemanding valuations of the developers are believed to have priced in the projected lacklustre FY21 results. The broker favored $CIFI HOLD GP(00884.HK)$ and $SUNAC(01918.HK)$ for the near-term.
Credit Suisse further added that, in the medium-term, developers with strong advantage in financing and execution will continued to be liked, as they are considered as better positioned to realize more upside from the current round of supply-side consolidation, which, in turn, supports further re-rating in 2022. The broker selected $CHINA RES LAND(01109.HK)$, $China Overseas Land & Investment(00688.HK)$ and $LONGFOR GROUP(00960.HK)$ as its picks. Credit Suisse also axed the target price of the Chinese developers under its coverage by 12.2% on average.
The latest ratings and target prices of Chinese developers are listed in a separate table.
據瑞士信貸(Credit Suisse)報道，由於中國政府的房地產政策可能在短期內保持寬鬆，高貝塔係數的中國房地產開發商可能會看到一波反彈。儘管債務償還方面的不確定性揮之不去，但據信開發商的不苛刻估值已反映出21財年預期的平淡無奇的業績。經紀人看好這位經紀人$CIFI Hold GP(00884.HK)$和$融創(01918.HK)$就近期而言。
瑞信(Credit Suisse)進一步補充稱，中期而言，在融資和執行方面具有強大優勢的開發商將繼續受到歡迎，因為他們被認為處於更有利的地位，可以從本輪供給側整合中實現更多上行空間，這反過來又支持2022年進一步重新評級。選定的經紀人$China Res Land(01109.HK)$, $中國海外發展(00688.HK)$和$龍湖集團(00960.HK)$作為它的選擇。瑞士信貸(Credit Suisse)還將其覆蓋範圍內的中國開發商的目標價平均下調了12.2%。
中國開發商的最新評級和目標價列在另一個表格中。