野村:維持世茂集團(0813.HK)目標價43.25港元 評級“買入”
野村發表研究報告指,世茂集團(0813.HK)將分拆世茂服務上市,股份獲紅杉資本及騰訊(0700.HK)入股。該行估計,其隱含估值為24.4億美元,並預計世茂將從本次的分拆中派發特別股息。該行維持世茂集團目標價43.25港元,以及“買入”評級,並重申其為行業首選。
野村表示,世茂將憑藉其充足的土地儲備及多元化的土地收購渠道,實現優於同業且可持續的增長。同時物業管理業務產生的潛在特別股息或成為今年的關鍵催化劑。
該行又指,世茂服務具強大的併購能力,由年初至今已收購了1890萬平方米土地,亦展現出理想的併購後整合能力,其中一間被收購的公司,毛利率由2018年的8%,提升至2019年的26%。

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