瑞銀:雅生活(3319.HK)收購中民物業股權正面 行業首
瑞銀髮表的研究報告指,雅生活服務(03319.HK)宣佈將收購中民物業及新中民物業60%股權,當中擬以15.6億元人民幣(下同)收購中民物業,約為其2019預測市盈率的12.5倍,而購新中民物業的價格則待定。該行對收購看法正面,認為當中一半的目標管理面積是屬公共物業,意味其入場門檻較高且較少受到物業週期所影響,而目標公司有2.94億平方米管理面積,並有八個品牌在2018年內地首100名物管公司名單中。
該行指出,交易完成後雅生活的管理面積將增139%至5.05億平方米,此外目標公司在123個城市營運1,990個項目,平均每個城市營運16個項目,認為規模擴張及項目增加有助釋放其增值服務潛力,而管理層亦相信未來增長將受第三方擴張所帶動而非併購,主要因為公司有較強的品牌,以及目標公司擁較強的第三方擴張能力。瑞銀認為雅生活估值吸引,現價約為2020年預測市盈率的14.4倍,而2019-21年每股盈利年複合增長可達31%,是該行所覆蓋的領域中最為吸引。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.