美銀證券:料物管商的盈喜及政策支持有助支撐股價
美銀證券發表研究報告表示,雖然新型肺炎疫情爆發,對內地物業管理服務行業的收入造成短期壓力,但主營業務維持穩健,料物管商的盈喜及政策支持有助支撐股價,當中碧桂園服務(6098.HK)
及綠城服務(2869.HK)
等龍頭料率先受惠。
美銀指,疫情令物管商諮詢業務收入下降,人力成本亦上升,但政府同時在疫情爆發期間增加對企業的支援,有助抵消部分影響,在政策引導下市場將出現中期整合,碧桂園服務及綠城服務等大型企業在收併購上較有優勢。
該行將兩家公司今年度每股盈利預測均下調3%,但考慮到中期增長前景改善,基於DCF現金流貼現法,將碧桂園服務目標價上調17%至35港元,評級“
買入
”;綠城服務目標價上調18%至10.5港元,評級“
中性
”。
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