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<Research>BofAS: Indicators for CN Property Sector Weaken to Lv. Triggering Policies; CHINA RES LAND/ CHINA OVERSEAS/ Others Favored
Recommend 11 Positive 15 Negative 6 |
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The market concerns that the Ministry of Finance (MOF) may prioritize resources for other areas instead of mortgage subsidies, and questions whether mortgage subsidies lasting only 1-2 years can effectively change buyer expectations, BofA Securities issued a research report saying. The broker believed that coordinated policies from the central government can send a strong positive signal, and current macro indicators have weakened to levels that have historically triggered policies. Considering the uncertainty in the profit recovery path, BofA Securities preferred developers with better asset quality that can drive continuous growth in net asset value, such as CHINA RES LAND (01109.HK), CHINA OVERSEAS (00688.HK) and C&D INTL GROUP (01908.HK), with target prices of $36/ $15/ $18.6 each, all of which are rated at Buy. Additionally, the broker cut its target price for YUEXIU PROPERTY (00123.HK) from $5 to $4.6, and reiterated rating at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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