《大行报告》大摩上调碧桂园服务(06098.HK)目标价至29.96元 评级「与大市同步」
摩根士丹利发表研究报告指,碧桂园服务(06098.HK)「三供一业」(即供水、供电、供暖和物业管理)业务开始为收入作贡献,预期未来增长潜力不少。
报告指,碧桂园服务去年接手国企「三供一业」业务,涉及53个城市的955个项目,总建筑面积8,500万平方米,於年内实现收入15亿元人民币,预期今年业务收入将增长50%至23亿元人民币,到2021年增长43%至33亿元人民币。该行预期,当中物业管理和供热业务的毛利率仍然相对较低,分别为13.4%和6%,预期碧桂园服务将首先致力於改善优质服务和客户满意度,不排除未来利润空间有提升。此外,中石油(00857.HK)有约9,000万平方米的项目物业管理服务将转至碧桂园服务,但目前没有明确的时间表。
考虑到业务前景,大摩将其2020至2021年盈利预测分别上调5%及7%,至21亿及28亿元人民币。目标价升至29.96元,以反映今年预测市盈率约35倍,维持「与大市同步」评级。
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.