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《大行报告》大和升雅生活服务(03319.HK)目标价至20.6元 评级「买入」
阿思达克 09-27 15:50

大和发表报告指,雅生活服务(03319.HK)宣布将收购中民物业及新中民物业60%股权,总代价不超过20.6亿元人民币,公司将以现金支付。该行认为,该收购能扩大雅生活的规模及中期而言会改善公司盈利水平。

报告补充,以反映收购的贡献,该行上调雅生活2020至2021年收入预测38%至42%,纯利预测则仅升7%至8%,主因预期中民物业及新中民物业的毛利率较低,对雅生活整体毛利率带来拖累。

整体而言,该行认为收购对雅生活属正面,即使短期内带来的利润贡献不大,惟中长线看好前景,而且以12.5倍市盈率的收购作价亦合理。因此该行上调将目标价由17.7元调升至20.6元,重申「买入」评级。

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