野村:綠城服務(2869.HK)業績勝預期 維持買入評級
野村發表研究報告指,綠城服務(2869.HK)中期核心淨利潤按年升59%至3.74億元人民幣,優於公司早前發出的盈喜;收入按年升20%,當中物業管理服務收入按年升23%、非業主增值服務按年升19%、業主增值服務按年升10%;另外毛利率亦按年升1.3個百分點至20.6%。該行維持其買入評級,目標價13.5港元。
野村指,綠城服務經常性營業利潤按年增長40%,超出該行預期的20-25%增長;而在管面積及儲備面積分別按年增長23%及22%,新增合約建築面積達到創紀錄的新高3650萬平方米。
野村續指,公司物業管理服務的毛利率按年升2.4個百分點至14.3%;而業主增值服務毛利率則按年升0.7個百分點至32%,高於該行預期的30%,因為公司已從教育和資產管理業務的重資產模式轉變為輕資產模式。

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