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《大行报告》摩通料内地物管股短期出现获利回套
阿思达克 04-28 10:03
摩根大通发表研报指,年初至今内地物管股已累积约43%升幅,对比恒指同期累跌12%,相信主要是市埸预期收入增长及政策支持所推动。但考虑到碧桂园服务(06098.HK)发行可转债及绿城服务(02869.HK)向龙湖集团(00960.HK)配股,引起投资者担忧行业将出现潜在配售潮,预计短期板块将出现获利套现潮。

摩通表示,碧桂园服务於2019年底拥有约70亿元人民币的净现金,对其发行可转债感到意外,相信或有潜在海外并购机会,但相信管理公司依靠净现金运营,未需要去杠杆或面临现金流问题,多数配售需求不大。

该行指出,物管股在非业绩期股价通常会偏软,回顾过去股价强劲反弹都是因为市场预期收入增长,令投资者愿意支付更高的市盈率,相信行业如果调整约10%至15%将是良好入市机会,对未来6至12个月行业前景保持乐观,建议趁低吸纳,首选股碧桂园服务、雅生活(03319.HK)及蓝光嘉宝(02606.HK)。

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