中金:首予雅生活服务(3319.HK)“跑赢大市” 目标价33港元
中金发表报告指,雅生活服务(03319.HK)已成功发展成为一家在全国范围内拥有业务的综合性房地产服务提供商,并有望在目前的市场整合中继续提升质量,因此首次给予“跑赢大市”评级。
雅生活服务早前收购中民物业及新中民物业60%股权,中金认为此次收购後雅生活规模有望超越碧桂园服务(06098.HK)及万科物业服务,相信有助进一步增强其非住宅领域的竞争优势,以及在股东雅居乐集团(03383.HK) 及绿地控股支持下,为未来长远稳健增长打下基础。
该行预期,雅生活服务2019至2021年在管总建筑面积三年复合增长率可达52%,社区增值服务年复合年增长率为70%,料可带来稳定增长,给予目标价33港元,此相当明年预测市盈率25.5倍,较现价有约21%上升空间。

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