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《大行報告》瑞銀:雅生活(03319.HK)將納入港股通 料股價反應正面
阿思達克 02-24 09:29
瑞銀發表研報指,雅生活(03319.HK)一如預料獲納入恆生綜合指數,相信由於該公司目前估值比同行更具吸引力,且自由流通量較少(僅32.5%)對比碧桂園服務(06098.HK)為46.1%,納入港股通後股價有望向好,給予目標價40.2元,重申「買入」評級。 瑞銀表示,雅生活現價為2021年預測市盈率的19.9倍,2018至21財年每股盈利複合增長率為39%,對比瑞銀觀察其他物管股同業平均水平為29.1倍及22%。惟該行提醒,中國物業管理公司由於較難提高收費,而佔成本約60%的人力開支每年以5%至8%速度增長;此外若以較貴的估值收購其他管理公司亦對資產負債表有負面影響。
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