智通财经APP获悉，高盛发布研报称，自3月中旬起，本港楼价已反弹1%，零售销售额亦于5月实现同比2%增长。虽然写字楼空置率仍维持在13至14%的高位，但近期股市回暖及资本市场活动重启，已带动需求回升。上述基本面改善，加上美元走弱及利率下行，推动香港地产及综合企业股份今年至今录得5至45%升幅。
该行认为，虽然行业估值仍未算高，但后续上行空间将取决于价格及租金复苏趋势。随着住宅及零售市场今年回稳，该行预计中环区写字楼租金将于明年止跌，因新增供应到时应大致完成消化。不过在经济增长相对缓慢下，楼价与租金反弹幅度预期难及沙士及金融危机后的10至20%水平。整体而言，该行料2026年楼价同比升5%，零售租金升2%，写字楼租金持平;资产净值有望重拾增长。
该行又指，留意到部分企业如恒基地产(00012)、港铁公司(00066)及太古地产(01972)，近期趁市场情绪改善，通过发债等方式融资;除港铁外，大多能够以持平或更低利率完成发行。该行料其覆盖的企业上半年盈利跌幅将收窄或实现扭亏。而近年备受投资者关注的股息持续性问题，应已有所缓解。
股份方面，该行将港铁评级由“买入”降至“中性”，目标价由31.6港元降至31.3港元。维持希慎兴业(00014)“中性”评级，目标价由15.2港元升至16.8港元;维持九龙仓集团(00004)“沽售”评级，目标价由20港元升至21港元。至于恒隆地产(00101)、太地、九龙仓置业(01997)及领展房产基金(00823)，均维持“买入”评级，目标价分别升至9.3港元、24.1港元、29.7港元及53.1港元。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.