《大行報告》摩通料內地物管股短期出現獲利回套
摩根大通發表研報指,年初至今內地物管股已累積約43%升幅,對比恆指同期累跌12%,相信主要是市埸預期收入增長及政策支持所推動。但考慮到碧桂園服務(06098.HK)發行可轉債及綠城服務(02869.HK)向龍湖集團(00960.HK)配股,引起投資者擔憂行業將出現潛在配售潮,預計短期板塊將出現獲利套現潮。
摩通表示,碧桂園服務於2019年底擁有約70億元人民幣的淨現金,對其發行可轉債感到意外,相信或有潛在海外併購機會,但相信管理公司依靠淨現金運營,未需要去槓桿或面臨現金流問題,多數配售需求不大。
該行指出,物管股在非業績期股價通常會偏軟,回顧過去股價強勁反彈都是因為市場預期收入增長,令投資者願意支付更高的市盈率,相信行業如果調整約10%至15%將是良好入市機會,對未來6至12個月行業前景保持樂觀,建議趁低吸納,首選股碧桂園服務、雅生活(03319.HK)及藍光嘉寶(02606.HK)。
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