《大行報告》麥格理升雅居樂(03383.HK)目標價至22.05元評級「跑贏大市」
麥格理發表的報告指,該行參與了雅居樂(03383.HK)的反向路演,參觀了公司數個環境保護項目等,認為公司近年積極拓展多元業務,而環境保護則是其中一個具龐大增長潛力及利潤的業務,該行認為考慮到其固體廢物處理方面的計劃產能到2021財年將增16倍,料相關收入增長將理想,而物業管理亦將是另一增長引擎,料相關收入未來三年年複合增長將達47%。
該行表示參觀了公司在江蘇及福建的環保設施,認為由於當地政府發牌等要求較高,行業進入門檻高,而其淨利潤率可高達40%。公司將繼續透過併購拓展業務,而投資目標的內部回報率要求則為10%,回本期則為8年。
該行重申對雅居樂「跑贏大市」評級,將其目標價升至22.05元,並將其2019-2021年經調整核心盈利預測分別降15%、降31%及增60%。
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