《大行報告》大和升雅生活服務(03319.HK)目標價至20.6元 評級「買入」
大和發表報告指,雅生活服務(03319.HK)宣布將收購中民物業及新中民物業60%股權,總代價不超過20.6億元人民幣,公司將以現金支付。該行認為,該收購能擴大雅生活的規模及中期而言會改善公司盈利水平。
報告補充,以反映收購的貢獻,該行上調雅生活2020至2021年收入預測38%至42%,純利預測則僅升7%至8%,主因預期中民物業及新中民物業的毛利率較低,對雅生活整體毛利率帶來拖累。
整體而言,該行認為收購對雅生活屬正面,即使短期內帶來的利潤貢獻不大,惟中長線看好前景,而且以12.5倍市盈率的收購作價亦合理。因此該行上調將目標價由17.7元調升至20.6元,重申「買入」評級。
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