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《大行报告》瑞银升碧桂园服务(06098.HK)目标价至23.5元 行业首选雅生活(03319.HK)(更正)
阿思达克 10-08 12:19

瑞银发表的研究报告指,考虑到近期雅生活服务(03319.HK)的收购活动,分析了公共物业管理如学校、医院及政府写字楼等的市场,认为除了住宅物业管理外,公共物业管理应是下一个增长范畴,因为政府正开放相关的管理市场,而在相关板块的并购空间亦正在提升。该行估算相关市场规模达4,000亿元人民币,相对而言住宅物业管理市场规模则为6,080亿元人民币,对行业看法仍然正面,认为雅生活仍然是行业首选,相信随着收购可助进入公共物业管理市场,而股份亦有机会被纳入港股通。

瑞银表示早前与一些营运商洽谈,并查看了480份深圳公共物业管理相关的招标文件,相信市场的入场门槛较高,而且被当地营运商所领导。政府开放公共物业管理目标是要节省成本及提升效率,虽然利润较低,但相对而言较住宅或商业物管稳定,而管理费每一至三年重新审视,而有参与这个领域的上市公司包括是丹田股份、中海物业(02669.HK)及雅生活服务。

该行认为公共物业管理应较住宅物业管理有更高估值,因为其表现不受物业周期影响,而利润相对稳定,加上入场门槛高且品牌形象正面。瑞银提升了对雅生活的盈利预测,目标价由17.1港元升至26.9港元,评级「买入」;而碧桂园服务(06098.HK)目标价则由18.7港元升至23.5港元,评级「中性」。 ~

(更正:2019-10-08 11:13:38 《大行报告》瑞银升碧桂园服务(06098.HK)目标价至23.5元 行业首选雅生活(03319.HK))

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