港股异动 | 内房股再度走低 现房销售影响房企规模和ROE 机构指不可低估房企中期压力

中金财经
Yesterday
  智通财经APP获悉,内房股再度走低,截至发稿,融创中国(01918)跌4.35%,报0.55港元;绿城中国(03900)跌3.17%,报5.645港元;新城发展(01030)跌2.81%,报1.385港元;建发国际集团(01908)跌2.09%,报12.2港元。   平安证券此前发布研报称,地产板块先抑后扬,828新政影响逐步显现。投资者主要担忧现房销售对房企规模及ROE的影响,一方面现房销售带来销售回款延后,将占用房企更久的自有资金,意味着相同的自有资本金能够维持的销售规模可能萎缩;另一方面规模萎缩意味着营收下滑、总资产周转率下降,在其他因素不变前提下,企业ROE亦面临下降。   东方证券则表示,地产股短期情绪博弈接近均衡,但中期约束亦不能低估,反弹可能并不具备持续上涨基础,就当前已出台的政策来看,对房企中期维度的约束和压力依然不可小觑。该行认为,在明确地方细则前的过渡期,企业会倾向于减少拿地,市场不可将阶段性反应等同为稳态冲击程度。   

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