摩根士丹利指，本港在受惠于美息下降及内地经济增长加快具独特优势。即使没有内地经济增长，美联储预计减息亦对估值处历来最低水平，且提供可持续及高派息的本港地产股正面。
该行料本港楼价在今年跌8%后，明年回升6%。纵使住宅价格自2021年调整三成，本港住宅可负担比率目前仍处历史高端的50%，但假设明年按揭利率回落至3.2厘下，有关比率料改善至45%，且租金扣除供楼回报亦将转正。另一方面，该行料按揭利率下降不大可能支持新加坡住宅销售，料明年当地住宅价格跌5%，基于严格金融规定及高印花税，且公共房屋换楼客减少及住宅供应增加。
该行预料，物业交易恢复将使新加坡凯德集团(Capitaland)为减息周期初的赢家。本港方面，新地(00016.HK) 及领展(00823.HK) 估值吸引，每股盈利及每股派息可在利息支出减少下增长。该行对新世界(00017.HK) 看法维持审慎，基于负债率及派息压力持续。(fc/k)(港股报价延迟最少十五分钟。沽空资料截至 2024-09-19 12:25。)
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