《大行報告》里昂下調中海物業(02669.HK)目標價至4.1元評級「跑輸大市」
里昂發表報告指,中海物業(02669.HK)上半年業績表現遜市場預期,惟大致符合該行預測。業績遜市場預期主要受累於社區增值服務及毛利率表現,由於中海物業自追求業務量轉移至提升質素,相信對短期毛利及社區增值服務業務增長造成負面影響。
另受惠南向資金加快流入,里昂表示,截至8月20日,中海物業由港股通(南向)投資者持有權益佔比,由7月3日所錄低位3.28%擴大至4.56%,惟仍落後於同業如綠城服務(02869.HK)及彩生活(01778.HK),佔比分別達7.82%及5.93%。
里昂降中海物業今年經調整盈測3.1%,下調2020年及2021年盈測分別5%及5.9%,目標價相應自4.3元下調至4.1元;由於潛在短期市場預期料趨理性,以及估值並不特別便宜,現價相當於明年預測市盈增長率0.9倍及預測市盈率22.8倍,維持「跑輸大市」評級。
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