金吾财讯 | 建银国际发研报指，认为美联储减息已大致反映在香港地产股股价上，预期香港利率在今年底前不会跟随减息，且利率只是地产股其中一个影响因素。该行表示，由于香港短期不会跟随减息，预期香港一手楼销量仍会停滞，料住宅楼价进一步调整。目前楼市供应过剩，需要暂停土地供应一段时间。此外，主要发展商的收租业务对利率周期的敏感度低于经济周期，料需要1-2年时间复苏。减息对发展商最直接的收益是利息减省。该行估计减息25个基点将推动盈利平均增长1.5%，短期将对高负债的发展商，包括：新世界发展(00017)及希慎(00014)起较为正面影响。不过考虑到营运和财务上困难，认为利息减省并不能抵销新世界发展的盈利下降。该行续指，就“减息交易”而言，该行看好领展(00823)，而“跨周期”的较长线则较好信和置业(00083)，两股均予跑赢大市评级，目标价分别为45港元及10.2港元。
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