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M Stanley: Developers May be De-rated Providing Any Major Govt Ann/ Faster Supply Increase

M Stanley: Developers May be De-rated Providing Any Major Govt Ann/ Faster Supply Increase

M Stanley：開發商可能被降級，提供任何主要的政府安/更快的供應增加
AAStocks ·  2021/09/19 22:00

Land supply remains the determining factor in tackling the affordability issue of Hong Kong housing market, reported Morgan Stanley. Given the recent shortage of property supply, the broker predicts the property prices to continue to rally this year and next year under a base case scenario. However, Morgan Stanley remarked that, the Hong Kong developers might face de-rating should there be any major announcement from the government or any acceleration in the growth of land supply.

Among the developers, Morgan Stanley favors SHK PPT (00016.HK), KERRY PPT (00683.HK) and SINO LAND (00083.HK), more than HENDERSON LAND (00012.HK), CK ASSET (01113.HK) and NEW WORLD DEV (00017.HK). Contending that the fundamentals of developers are better than those of landlords, the broker, however, highlighted that developers would be subject to any regulatory risks, which may trigger de-rating.

摩根士丹利報道，土地供應仍然是解決香港住房市場負擔能力問題的決定性因素。鑑於近期樓市供應短缺，該經紀商預測，在基本情況下，今明兩年樓價將繼續上揚。不過，摩根士丹利表示，如果政府有任何重大宣佈或土地供應增長加速，香港發展商可能會面臨降級。在開發商中，摩根士丹利青睞新地PPT(00016.HK)、嘉裏PPT(00683.HK)和信和置業(00083.HK)，超過恆基地產(00012.HK)、長實集團(01113.HK)和新世界DEV(00017.HK)。然而，該經紀商辯稱，開發商的基本面好於房東，但他強調，開發商將面臨任何監管風險，這可能會引發評級下調。

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