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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:開發商的價格很快表現不佳;CKA,NWD認為壓力測試場景中的下行風險最小
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.

中國最近要求香港開發商為解決香港的住房供應問題做出積極貢獻。從教育、澳門博彩和其他行業監管不確定性的經驗中吸取教訓,摩根大通預計,考慮到香港開發商解決住房問題的擔憂,他們的價格在短期內將遜於大盤。經紀商假設了兩種壓力測試情景,即開發商向政府捐贈農地,以及未來開發項目的貼現現金值為零。在此情況下,長實集團(01113.HK)和新世界DEV(00017.HK)從當前價格水平下跌的風險將最小。

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