《大行報告》大摩升中海物業(02669.HK)目標價至5.77元 評級「減持」
摩根士丹利發表研究報告,指中海物業(02669.HK)2019財年盈利略優於預期,主要是因為增值服務增速較預期強。收入按年增長31.6%至54.66億元,較市場預期高出8%。核心盈利按年增長34.4%至5.36億元,較該行預期高出4%。
然而,在管建築面積僅按年增長7.5%至1.51億平方米,較該行預期的按年增12%為低。該行預期,在2019至2022年在管建築面積的年複合增長率將加快至15%,及至2022年將達到2.33億平方米,第三方的佔比將會由2019年的8%提升至2022年的15%。另外,公司計劃進一步擴大其服務及產品範圍,令增值服務成為第二大增長引擎,隨著更多低毛利的服務推出,毛利率表現有望正常化。
由於增值服務的前景更為樂觀,而在管建築面積仍保持適度增長,該行將公司2020年的盈利預測上調4%至6.78億元,目標價亦由5.55元上調4%至5.77元。目前的估值看來似乎沒有吸引力,維持「減持」投資評級。
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