Barclays Research said the HK developers are currently trading at a 44% discount to NAV, some 24% wider than their long-term average.
On face value, this may suggest a "value proposition" but given how quickly the physical housing market appears to be deteriorating, the research house believes investors have very little conviction on the long-term outlook.
Instead, Barclays expects investors to be very data dependent and to try to project
from recent trends. Last week's 0.71% correction was sharp but should the pace of the descent start to let up, this may provide investors with greater confidence on the
attractive value argument.
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