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JPM: Developers' Prices to Underperform Soon; CKA, NWD See Least Downside Risk in Stress Test Scenarios

JPM: Developers' Prices to Underperform Soon; CKA, NWD See Least Downside Risk in Stress Test Scenarios

JPM:开发商的价格很快表现不佳;CKA,NWD认为压力测试场景中的下行风险最小
AAStocks ·  2021/09/19 23:26

China has recently asked Hong Kong developers to make active contribution to resolve the city's housing supply problem. Learning from experiences of regulatory uncertainties on education, Macau gaming and other sectors, JPMorgan projected Hong Kong developers' prices to underperform the market in short run given concerns about their address to the housing issue.

The broker assumed two stress test scenarios, i.e. developers' agricultural land donation to the government, and a zero DCF value for their future development projects. Under which, CK ASSET (01113.HK) and NEW WORLD DEV (00017.HK) will have the least downside risks from the current price levels.

中国最近要求香港开发商为解决香港的住房供应问题做出积极贡献。从教育、澳门博彩和其他行业监管不确定性的经验中吸取教训,摩根大通预计,考虑到香港开发商解决住房问题的担忧,他们的价格在短期内将逊于大盘。经纪商假设了两种压力测试情景,即开发商向政府捐赠农地,以及未来开发项目的贴现现金值为零。在此情况下,长实集团(01113.HK)和新世界DEV(00017.HK)从当前价格水平下跌的风险将最小。

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