大和:上調雅生活(3319.HK)目標價至20.6港元 收購助擴大規模
大和發表研究報告指,雅生活服務(3319.HK)昨宣佈收購中民物業及新中民物業各六成股權,認為上述收購可擴大雅生活服務的規模,並改善其中期盈利能見度,在計入新收購項目後,公司可管理的總樓面面積將增至逾5億平方米及管理項目達3021個,令公司成為內地以規模計其中一個最大的物業管理公司,該行將公司目標價由17.7港元上調至20.6港元,維持“買入”投資評級。
大和續指,雖然有關收購最初不會帶來重大的盈利貢獻,但相信有助中期盈利改善,因目標公司的員工成本及行政開支有望減少,同時社區增值服務會對其盈利貢獻亦有上升空間,亦認為雅生活服務有能力從內部及外部擴展,預期其盈利增長於2019年至2021年會較同行為高。
大和表示,在考慮上述收購後,上調其2020年至2021年的收入預測38%至42%,亦上調期內純利預測7%至8%。
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