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花旗:首予保利物業(6049.HK)“買入”評級 目標價75港元
格隆匯 01-23 11:43

花旗發表研究報告首予保利物業(06049.HK)“買入”評級,認為公司是內地首兩大物管之一,是該行於內地物管行業的首選,認為公司具領導地位,而且有內地首五大開發商支持,母公司亦為國企,另外公司也具執行能力及以市場為重心的擴張策略。此外公司長遠冀建立大型平台提供全方位服務,包括是藉教育及醫院健康等,以推動可持續增長。

該行估計今年公司將有兩個催化劑可帶動進一步的上行,其中一個是公司有機會於二月發盈喜,估計2019年盈利增長將達55%,另外公司亦有機會於上半年獲納入互聯互通,故予目標價75港元。

該行認為公司擁母公司支持,加上以市場為中心的擴張策略,其管理樓面中有55%屬第三方,有一半為非住宅,認為公司在公共管理(包括政府大樓、學校等)有良好的往績,相信公司2019-2021年管理樓面的年複合增長可達42%,當中65%-70%為公共項目,帶動可見的盈利增長。

另外除傳統生活服務及物業管理外,公司亦提供多元化的增值服務,包括是教育、醫院健康及展覽策劃等,認為相關服務有母公司支持,故有成熟的機制及較低的起動成本,估計社區增值服務約佔收入及毛利的20%和40%,而到2021年年複合增長可達50%以上,估計規模擴大利潤將有望擴張。

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