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【券商聚焦】海通国际维持房地产“优于大市”评级 机构指行业政策近期明显存在松绑

[Brokerage Focus] Haitong Int'l maintains a "outperform the market" rating on real estate. Institutions point out that there have been significant recent signs of loosening in industry policies.

Jingu Financial News ·  Nov 6 14:59  · Ratings

Jingu Financial News | Haitong International Research Institute pointed out that according to the data released by Ke Rui in the sales performance ranking from January to October 2024, the total sales amount of the top 100 real estate companies reached 3,069.27 billion yuan, a decrease of 32.7% compared to the same period in 23, with a 3.9 percentage point narrowing of the decline compared to September; the equity amount reached 2,428.26 billion yuan, a decrease of 32.2% compared to the same period in 23, with a 4.0 percentage point narrowing of the decline compared to September, with an equity ratio of 79%. Looking at the situation in October 2024, the top 100 real estate companies achieved a total sales amount of 435.41 billion yuan, an increase of 73.0% month-on-month and 7.0% year-on-year. In October 2024, the top 100 real estate companies achieved an equity sales amount of 343.27 billion yuan, an increase of 78.5% month-on-month and 9.9% year-on-year.

In October 2024, over half of the top 100 real estate companies achieved year-on-year sales growth in a single month. The highest single-month sales were 39.5 billion yuan for China Overseas Development, followed by 38.1 billion yuan for Poly Developments and Holdings Group. China Merchants Shekou Industrial Zone Holdings, Greentown China, and China Resources Land had monthly sales ranging from 20.8 to 27.9 billion yuan, while Yuexiu Property, C&D International Group, and China Vanke Co., Ltd. ranged from 16.3 to 19.8 billion yuan. Looking at the month-on-month operating amount growth rate in October 2024, 27 out of the top 50 real estate companies achieved year-on-year sales growth. Among them, PowerChina Real Estate had the highest year-on-year growth rate at 218.2%, followed by Poly Property Services at 204.7%. In terms of decline rankings, Central China experienced a decline of over -60%.

The bank maintains an 'outperform the market' rating for the industry. It believes that the industry policies have recently significantly relaxed, the structure has improved, space has opened up, and the value of high-quality companies will become more prominent. It recommends focusing on: Development: China Overseas Development (00688), Evergrande (03333), Country Garden (02007); Residential and Commercial: China Resources Land (01109), Longfor Group (00960); Property: China Resources MixC (01209), China Overseas Property Services (02669), Poly Property Services (06049).

The translation is provided by third-party software.


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