《大行报告》里昂下调中海物业(02669.HK)目标价至4.1元评级「跑输大市」
里昂发表报告指,中海物业(02669.HK)上半年业绩表现逊市场预期,惟大致符合该行预测。业绩逊市场预期主要受累於社区增值服务及毛利率表现,由於中海物业自追求业务量转移至提升质素,相信对短期毛利及社区增值服务业务增长造成负面影响。
另受惠南向资金加快流入,里昂表示,截至8月20日,中海物业由港股通(南向)投资者持有权益占比,由7月3日所录低位3.28%扩大至4.56%,惟仍落後於同业如绿城服务(02869.HK)及彩生活(01778.HK),占比分别达7.82%及5.93%。
里昂降中海物业今年经调整盈测3.1%,下调2020年及2021年盈测分别5%及5.9%,目标价相应自4.3元下调至4.1元;由於潜在短期市场预期料趋理性,以及估值并不特别便宜,现价相当於明年预测市盈增长率0.9倍及预测市盈率22.8倍,维持「跑输大市」评级。
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