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<Research>JPM Views Recent Surge Among CN Developers as Beta-Driven, Favors CHINA RES LAND/ CHINA OVERSEAS/ LONGFOR GROUP
Recommend 6 Positive 19 Negative 4 |
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JPMorgan has released a report indicating that Hong Kong-listed Chinese developers surged by 7% yesterday (26th). The broker attributed this increase to several factors: (1) funds chasing lagging sectors; (2) short covering ahead of potential new policies at next week's NPC as a "just in case" measure; (3) the high-beta nature of Chinese developers amid a broad market rebound; (4) increasing signs of stable real estate sales; and (5) expectations of positive YoY growth (partially due to a low base) in sales data from the top 100 Chinese developers to be released on Friday (February 28). However, while Hong Kong-listed Chinese developers have snowballed by 18% YTD, A-share real estate stocks have remained almost flat, indicating that the sturdy stock performance has been more beta-driven rather than sector-specific. Factoring in valuations, JPMorgan preferred state-owned enterprises including CHINA RES LAND (01109.HK), CHINA OVERSEAS (00688.HK), and POLY PPT SER (06049.HK). Among private-owned enterprises, LONGFOR GROUP (00960.HK), as a relatively lagging player, may have more upside potential in the near term. AAStocks Financial News |
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