雅生活服務(03319.HK)：上半年盈喜，開啟新業務，維持“買入”評級，目標價60.70港元
機構：招商銀行
評級：買入
目標價：60.70港元
雅生活宣佈其税後利潤及歸母淨利潤預計在上半年分別達到不低於50%與35%的增長。與此同時，公司提出更名，從“雅居樂雅生活服務股份有限公司”更改為“雅生活智慧城市服務股份有限公司”。我們維持盈利預測不變，將目標價從41.53港元上調至60.7港元，相當於2021年市盈率34.7倍，位於行業三大龍頭公司的平均水平。維持買入評級。
上半年盈利預計超7.3億元。2019上半年公司收入與歸母淨利潤達22.41億元及5.41億元。公司宣佈2020上半年歸母淨利潤增長超過35%，即預計上半年淨利潤超過7.3億元。淨利潤增長主要源於對中民物業收購的整合，形成對管理面積與管理效率的雙重提升。
開啟城市服務業務。在盈利消息之外，公司提出更名至“雅生活智慧城市服務股份有限公司”，並開始佈局第五大產業板塊——城市服務，專注於城市精細化管理，挖掘城市服務行業的機遇。公司希望通過發揮自身技術、經驗與資源方面的優勢，努力完善城市管理體系，打造綜合智慧城市管理服務平台。
H股全流通獲批。雅生活同時宣佈其正式獲批H股全流通以及增發境外上市外資股。公司計劃將其內資股及未上市外資股轉換成H股。此外，公司獲批增發不大於8,600萬股H股，該批准自2020年6月24日起12個月有效。若獲批額度全部增發，雅生活將募集超30億港元資金幫助其開發新業務。
維持盈利預測不變，上調目標價；維持買入評級。我們維持盈利預測，預計淨利潤於2020年增長41.3%至17.39億元，於2021年增長20.2%至20.91億元。作為港股第二大物業管理公司，雅生活估值仍具吸引力。我們將目標價從41.53港元上調至60.7港元，相當於2021年市盈率34.7倍，為行業三大龍頭公司的平均水平。維持買入評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
