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大和碧桂园服务(6098.HK)购合富辉煌物管公司作价合理可受惠扩展计划
格隆汇 07-12 10:52

大和发表报告表示,碧桂园服务(06098.HK)向合富辉煌(00733.HK)收购从事提供物业管理服务公司,涉3.75亿元人民币(按项目表现而定),相当于去年市盈率11.4倍。大和认为,收购符合公司扩展策略,并可持续提高企业盈利透明度,因配合碧桂园(02007.HK)高速发展及提供高增值的服务。

该行引述碧桂园服务管理层称,是次收购作价相当於去年市盈率11.4倍、市销率0.788倍,指收购作价合理,基於目标集团年均潜在增长10%,认为收购估值仍属较低。

大和指,重申对碧桂园服务“买入”投资评级及目标价19.1港元,此按现金流折现率作估值,并指在碧桂园支持下,碧桂园服务在并购活动及取得第三方合同方面更趋活跃,料推动2019至2021年物业管理收入强劲增长。

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