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[Brokerage Focus] Daiwa Securities pointed out that during the National Day holiday, sales of large real estate developers in mainland China exceeded expectations.
King's Financial News | Morgan Stanley's report shows that mainland large real estate developers' sales during the National Day Golden Week exceeded expectations, with an average year-on-year increase of 39%, accounting for 86% of September's contracted sales. It is highly likely to record double-digit monthly growth, with the year-on-year decline narrowing. Among them, China Resources Land (01109), Greentown China (03900), China Overseas Development (00688), C&D Intl Group (01908), and Yuexiu Property (00123) performed well. The bank expects a strong trend in the coming weeks with improved sentiment, but the sustainability of sales remains the key to outperforming the industry.
Hong Kong stock abnormal | Property management stocks collectively weaken, most real estate developers' September contract sales data is not good, but the industry dividend yield still remains attractive.
Property management stocks collectively weakened, as of the deadline for submission, a-living (03319) fell by 16.81%, closing at 3.86 Hong Kong dollars; China Res Mixc (01209) fell by 16.73%, closing at 32.9 Hong Kong dollars; cg services (06098) fell by 13.25%, closing at 6.94 Hong Kong dollars.
[Brokerage Focus] JPMorgan: If mainland real estate stocks pull back, opportunity can be found in property management stocks. China RES Land (01109) and poly ppt ser (06049) still have upside potential.
Kingwu Finance News | JPMorgan released a report stating that mainland real estate stocks rose by 21% yesterday (2nd), compared to a 6% increase in the Hang Seng Index. Some financially troubled companies even soared by 40% to 50%. The bank believes that if central data or policy support falls short of expectations, mainland real estate stocks may experience a sharp pullback. However, it is recommended to seek opportunities in low-priced property management stocks, considering the risk and valuation. The bank believes that China Resources Land (01109), China Resources MixC (01209), and Poly PPT Ser (06049) still have upside potential.
Zhongtai Securities: The property bullish policy will continue to be introduced, bullish on the sector's performance in the fourth quarter.
zhongtai Securities released research reports stating that recently, real estate high-frequency data has continued to decline, weakening even compared to August in the peak season. In the short term, the industry's fundamentals are difficult to bottom out, but looking ahead to the fourth quarter, there is a high probability of continued bullish policies related to real estate being introduced. zhongtai Securities remains bullish on the performance of the real estate sector in the fourth quarter.
CHINA RES MIXC: INTERIM REPORT 2024
CICC: Real estate entering policy observation period, bullish on China Res Land and others.
CICC released a research report stating that the mainland real estate sector will enter a period of policy effect observation. Considering that the current real estate sector is still in a trend of shrinking volume and falling prices, the comprehensive financial support policies announced on September 24 may bring about a temporary marginal improvement, but whether they can bring about a turning point in the fundamentals still needs to observe the policy effects, and whether there will be further efforts to boost economic growth from the fiscal side. The development sector recommends stable stocks, such as China Merchants Shekou Industrial Zone Holdings, China Resources Land (01109), China Overseas (00688); the service sector suggests positioning on the left side of price fluctuations in enterprises with better composite returns in growth and dividend yield, such as Hua.
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