大和降中海物业(2669.HK)评级至“跑赢大市”目标价下调至3.9港元
大和发表研究报告,指中海物业(02669.HK)上半年毛利率下降至20.1%,当中,物业管理服务毛利率下降主因自2018年第四季起,需重新配置员工予项目公司管理,预期重新配置将於今年完成,因此估计2019-21年可维持稳定。

该行指,公司正寻求更多母企以外的扩张,包括商业项目及政府项目等,并投资更多附加服务行业,同时计划改善服务质素和提升效率。
该行调升集团2019-21年收入预期1-7%,以反映预期母企物业管理项目增长和附加服务收入改善,惟降2019-20年利润预期3-8%,目标价由4港元降至3.9港元,评级由“买入”降至“跑赢大市”。
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