美银美林碧桂园服务(6098.HK)估值获溢价目标价上调至22港元
美银美林发表研究报告,指监于碧桂园服务(06098.HK)最近的并购行动,认为公司就2018至2021财年间争取每股盈利年复合增长达30%,有更高的可见度。另外,亦认为在目前的市况下,公司理应有较高的估值溢价,将其目标价上调29%,由17港元升至22港元,相当于2020财年预测市盈率31倍,并重申“买入”投资评级。

该行续指,碧桂园服务以3.75亿元人民币,收购港联不动产服务,认为收购价格合理,有见港联不动产服务预计在2018至2021财年的在管面积年复合增长率达10%,亦即是说通过资讯科技系统及员工整合,以及潜在来自增值服务的新收入,盈利增长料迎来上行空间。
美银美林又提到,港联不动产服务在2018年底止,有大约150个项目,在管面积达1,350万平方米,主要是在广州、上海、天津及武汉等地。该行认为并购将有助碧桂园服务提升在一、二线城市的覆盖,因为其母公司碧桂园(02007.HK)有60至70%的开发项目都是在低线城市。
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