New housing policy to stimulate demand release real estate leader valuation repair opportunity-yvette yates

New loans help to stimulate demand for the release of the leading real estate valuation welcome opportunity to repair Sina Level2:A shares of sina finance client speed Kanpan: the most profitable investors in Li Bo. This reporter insiders believe that new loans will help to stimulate the real estate market to improve demand release. In the context of economic downturn, the real estate policy environment will remain relaxed. The regional differences of new housing market segments of the stimulus, second tier city directly benefit first-tier cities not within the scope of policy, the three or four line of the city to deal with low sensitivity. A shares in the real estate sector continued to decline after the valuation in the early stage of rapid decline, the opportunity to fix the valuation of the new housing will bring mainstream varieties, leading varieties are more likely to benefit. Industry policy support as a monetary policy sensitive industry, real estate fundamentals will benefit from the adjustment, but the policy effect has regional differences. In the medium and long term, in the context of economic downturn and supply side reform, monetary easing and policy support is expected to continue, the real estate industry will be supported. Changjiang Securities pointed out that the policy efforts, the proportion of two suites down payment directly by 10%, to a certain extent exceeded market expectations, help to stimulate the improvement of demand release; from a policy point of view, before the policy is now in the dull period and two level market adjustment period, the new deal will not only help to stimulate the release of the purchase demand is also an objective to help stabilize the two market policy expectations. However, the profit from the down payment is still limited to the second tier cities. The main reason is first-tier cities is not within the scope of the policy, and part of the city has been overheated, there may be "cool"; two is the low price of the three or four line of the market itself, and improve the low lever dependence leads to rigid demand for low degree of distinction, Shoufu ratio adjustment sensitivity to low. In addition, the adjustment of the down payment ratio will aggravate the regional differentiation of the industry. When the observation cycle is shortened to the quarter, the inventory liquidation driven by demand release may lead to further shrinkage of the real estate investment in the short run. GF Securities said that in the context of macroeconomic growth downward, real estate as an economic stabilizer will further highlight the trade policy environment in 2016 is expected to continue to maintain friendly, prices rise in quantity in the cycle may be phased over the expected fundamentals. But given the timing of the new deal, the marginal effect of the policy may not be as great as expected. Two types of companies concern the early market continued to decline, the real estate stock valuation rapid decline, the stock has broken the net or below the issuance price. In this context, favorable policies will bring related varieties valuation repair opportunities. It is worth mentioning that, regardless of regional differentiation or texture based on the difference of stocks to rain equitably, mainstream leading varieties greater benefit. Changjiang Securities believes that after a substantial adjustment since the start of the decline in real estate company’s overall valuation center, part of the high quality company once again entered the range of values. The introduction of this policy will help further stabilize the market expectations, so for the first quarter of the market should not be too pessimistic. Two kinds of real estate theory benefiting from the policy of stocking off demand based on stimulating demand

房贷新政助刺激需求释放 地产龙头迎估值修复契机 新浪财经Level2:A股极速看盘 新浪财经客户端:最赚钱的投资者都在用   □本报记者 李波   业内人士认为,房贷新政有助于刺激房地产市场改善性需求的释放。在经济下行背景下,房地产政策 环境将保持宽松。房贷新政对细分市场的刺激力度存在区域差异,二线城市直接受益,一线城市不在政策范围内,三四线城市对新政敏感度低。A股房地产板块在前 期持续下跌后估值快速回落,房贷新政将带来相关品种的估值修复机会,主流龙头品种受益可能性较大。   行业再获政策支持   作为货币政策敏感性行业,房地产基本面将受益此次调整,但政策效应存在区域差别。中长期来看,在经济下行和供给侧改革的大背景下,货币宽松和政策扶持有望持续,房地产行业将获支撑。   长江证券指出,从政策力度来看,二套房首付比例直接下调一成,一定程度上超出市场预期,有助于刺激改善性需求的释放;从政策时点来看,目前正处在节前的政 策平淡期和二级市场调整期,新政出台不仅有助于刺激购房需求释放,也在客观上有助于稳定二级市场政策预期。不过,能直接从首付降低中获利的仍局限于二线城 市。主要原因一是一线城市不在政策范围之内,且部分城市已经过热,目前存在“降温”的可能;二是三四线市场本身的低总价导致杠杆依赖低、改善与刚性需求的 区分度小,对于首付比例调整的敏感度低。另外,首付比例的调整将加剧行业区域分化局面。当把观察周期缩短到季度时,以需求释放推动的库存出清,有可能导致 地产投资在短期进一步萎缩。   广发证券表示,在宏观经济增速下行的背景下,地产作为经济稳定器的作用将进一步凸显,2016年的行业政策环境有望持续保持友好,基本面在量跌价升周期中的情况可能会阶段性超预期。但考虑到此次新政出台时间点,政策的边际效应或许没有预期中那么大。   两类公司值得关注   前期大盘持续下跌后,房地产股票的估值快速回落,部分股票已经破净或跌破增发价。在此背景下,政策利好将带来相关品种的估值修复机会。值得一提的是,不论基于区域分化还是质地差异,个股难以雨露均沾,主流龙头品种受益幅度更大。   长江证券认为,经过开年以来的大幅调整以后,地产公司的估值中枢整体下降,部分优质公司再次进入价值区间。此次政策出台将有助于进一步稳定市场预期,因此 对于一季度的行情不宜过度悲观。受益于以刺激需求为基点的去库存政策的两类地产公司尤其值得关注:首先是龙头公司,经过大幅调整之后,地产龙头的估值已具 吸引力,本身政策受益面大;其次是深耕区域中心城市的中小公司。   中投证券认为,“地产板块极寒已过,春暖花开”。暴跌跌出了机会,部分股 票已跌破资产净值、增发价或员工持股成本。同时,板块主流公司业绩稳步增长,升级转型成效渐显,估值提升有坚实的基础。另外,两会临近,支持行业发展及刺 激住房消费的政策将持续落地,供给侧改革有效实施也为经济稳步前行逐步除障。经济在较长时间内料呈“L”形走势,长期托底房地产行业平稳发展是不二之选。 2016年在“结构性需求、转型升级服务”中受益的优质潜力公司将有突出表现。   广发证券指出,在政策面与基本面阶段性共振的情况下,在兼顾盈利改善、估值再修复以及资本运作的条件下,主流地产股将有机会获得阶段性超额收益。 新浪声明:此消息系转载自新浪合作媒体,新浪网登载此文出于传递更多信息之目的,并不意味着赞同其观点或证实其描述。文章内容仅供参考,不构成投资建议。投资者据此操作,风险自担。 进入【新浪财经股吧】讨论相关的主题文章: