Daiwa: CN Home Not in Full Recovery; Top Picks CHINA RES LAND and CHINA OVERSEAS
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Daiwa's research report indicates that while CN Home sector stocks have rebounded over 20% since April, the recovery is not seen as structural due to ongoing lack of confidence among developers and homebuyers. Property sales exceeded expectations, particularly in Tier-1 cities, but high-end housing sales remain down 25% YoY. Daiwa favors state-owned developers like CHINA RES LAND and CHINA OVERSEAS, both rated Buy, as they are better positioned in the current market. The report warns of potential correction risks despite short-term price increases.
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