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大和:升雅生活服務(3319.HK)目標價至39.5港元 料利潤增長穩定
格隆匯 03-19 16:00

大和發表研究報告指,雅生活服務(3319.HK)去年純利為12.31億元人民幣,較市場預期高7%。考慮到更為穩定的利潤增長,以及對未來現金流的積極預期,該行將雅生活服務目標價由原來的29.8港元升至39.5港元,維持“買入”評級。

大和表示,公司3個細分市場均實現穩健的收入增長,去年的物業管理、社區增值服務及擴展增值服務的收入分別按年增長74%、68%及24%,銷售及行政開支亦按年減少了3%。管理層預料,未來3年該3項業務都會繼續保持穩定增長。

該行下調今年收入預測9%,因為增值服務的增長將低於預期,加上CMIG的收入將有所延遲,又相信明年才會完成收購。

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