The global central bank “released water” and successively cut interest rates
The US Federal Reserve Board cut interest rates again by 0.25% last week, which means that the low interest rate environment will last for a long time. In addition, the outlook of the big market is uncertain, and the defensive ability of the interest-bearing stocks still has Investment value.
In theory, interest rate cuts are beneficial to high-interest rent-taking stocks and real estate trusts (REITs). However, the political situation in Hong Kong has not stabilized
The retail business and commercial building rental business have been hit. Therefore, it is not the first choice for interest-bearing stocks. It is advisable to wait and see. Among the rent-collecting shares, Swire Properties (1972) and Wharf Property (1997) fell more than 22% and 25% respectively in the past six months, underperforming the market.
In view of the fact that individual public stocks are worthy of attention, Daiwa published a research report that the view on Hong Kong’s public stocks has risen from “neutral" to “positive". The bank believes that recent political events in Hong Kong have increased interest in interest-bearing stocks. For example, housing. The bank is optimistic about the strong energy growth of dividends (006) and Guangdong Investment (270).
Credit Suisse expects Guangdong Investment to “underperform the big market”
In the past year, Guangdong Investment has risen by about 17%, and the current dividend yield is 3.4%. Recently, the stock price has been in a narrow range of 16 to 17 yuan, which is a stable interest-bearing stock. Morgan Stanley issued a technical research report at the end of August. It is expected that Guangdong Stock Exchange will outperform the market in the next 30 days. It is expected that this probability will be about 60% to 70%. The rating is “synchronized with the market" and the target price is 15.43 yuan.
Credit Suisse issued a report that Guangdong Investment’s net profit rose 1% to 2.7 billion in the first half of the year, which is generally in line with the bank’s expectations, but the overall dividend growth has slowed down. It is not attractive at its dividend yield of 3.6%. It rose from 13.1 yuan to 14 yuan, but maintained the “underperform" rating.