《大行報告》大摩上調碧桂園服務(06098.HK)目標價至29.96元 評級「與大市同步」
摩根士丹利發表研究報告指,碧桂園服務(06098.HK)「三供一業」(即供水、供電、供暖和物業管理)業務開始為收入作貢獻,預期未來增長潛力不少。
報告指,碧桂園服務去年接手國企「三供一業」業務,涉及53個城市的955個項目,總建築面積8,500萬平方米,於年內實現收入15億元人民幣,預期今年業務收入將增長50%至23億元人民幣,到2021年增長43%至33億元人民幣。該行預期,當中物業管理和供熱業務的毛利率仍然相對較低,分別為13.4%和6%,預期碧桂園服務將首先致力於改善優質服務和客戶滿意度,不排除未來利潤空間有提升。此外,中石油(00857.HK)有約9,000萬平方米的項目物業管理服務將轉至碧桂園服務,但目前沒有明確的時間表。
考慮到業務前景,大摩將其2020至2021年盈利預測分別上調5%及7%,至21億及28億元人民幣。目標價升至29.96元,以反映今年預測市盈率約35倍,維持「與大市同步」評級。
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