TA: MTR Corp (0066 HK) / Sun Hung Kai Properties (0016 HK)

报告摘要

Supply continued to contract: Land sales revenue decreased 27.9% yoy in 9M26, with the decline narrowing gradually, and Tier 1 inventory months fell further in Oct 26, led by Beijing. Demand keeps diverging, with Tier 1 ahead of Tier 2 and second-hand ahead of new homes: Over 1-25 Oct 26, Tier 1 new-home/second-hand sales rose 2%/22% yoy respectively, while Tier 2 fell 23%/1%. ICE listing prices dropped 0.6% mom, suggesting more policy support is need. Maintain UNDERWEIGHT on property sector.