瑞銀:升碧桂園服務(6098.HK)評級至“買入” 目標價上調至33.8港元
瑞銀髮表研究報告,指物管的第三方市場仍然是零散的,尤其是在低線城市。另外,大多數企業都專注於發展一、二線城市的物管市場,此細分市場的競爭情況相對較少。雖然碧桂園服務(6098.HK)
母公司的總建築面積強勁已是市場所知,但認為公司在贏得低線城市的第三方合同上有優勢,因為有成本優勢及品牌知名度等因素。該行將公司的投資評級由原來的“
中性
”提高至“
買入
”,目標價由原來的31.4港元上調至33.8港元。
在疫情的影響方面,該行指最近與公司傾談過後,管理層指物管開支大致不變,因為清潔費用的提升,大致被保安費用減少所抵銷。為發展商及業主提供的增值服務雖受到影響,但相信只是短期。而間接的正面影響是物管企業的服務價值得到居民認可,這對於將來進一步上調收費及加入增值服務帶來積極作用。
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