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汇丰研究降雅生活服务(3319.HK)评级至“持有”目标价下调至15.8港元
格隆汇 08-12 11:51

汇丰环球研究发表报告指,雅生活服务(03319.HK)今年上半年业绩表现强劲,核心盈利按年增长63%至5.41亿元人民币,而且营运效率亦有所改善。

该行表示,透过在收购活动的良好执行,及雅居乐(03383.HK)和绿地控股两间房企的支持,雅生活成功扩展其平台,相信今年是集团快速拓展多元平台业务的一个好开始,但其在公共建筑业务的迅速发展则可能为毛利率下降带来风险。

汇丰研究下调对雅生活股份评级,由“买入”降至“持有”,目标价由16.1港元下调至15.8港元,以反映毛利率假设较低等原因。该行认为,集团目前估值相当于今年市盈率14.8倍及市账率3倍,接近其交易区间的高位。

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