You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩:內地物管行業吸引 首選雅生活服務(03319.HK)
阿思達克 03-11 10:03
摩根士丹利發表研究報告,指中國物管行業目前有明顯的增長潛力,有大量的房屋存量、而且每年有新的房屋項目供應、走輕資產模式可以較少周期性、股本回報率高,都帶動其未來的可見性,而且自去年第四季起,物業落成上升周期亦令行業受惠。

該行指,預期物業管理的總面積於2018-21年年複合增長率為4.8%,但管理費短期內難以提升,因需要過半數業主同意,但中期提價的可能會較大。行業58%的經營成本來自人工,每年提升約3-5%,因此,假設每3%的人工成本增加,而管理費未有提升,預期毛利會由首年的25%跌至10年後的5%,但相信管理費提升、自動化改善等,都有助收窄跌幅,在基本情況下,預期由25%降至10年後的15%。

該行表示,相信行業有防守性的增長潛力,首予吸引的看法,相信中期管理費提升的可能性仍未反映於現價,但股價於過去12個月已有提升,部份企業的估值已提高,故需慎重選擇,首選雅生活(03319.HK),予「增持」評級,目標價41.05元,認為其質素改善,及估值相對較低。首予碧桂園服務(06098.HK)「與大市同步」評級,目標價29.11元。中海物業(02669.HK)「減持」評級,因其估值過高,目標價5.55元。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account