港股異動 | 物管股近期連續回調 業績無法支撐過高估值
格隆匯9月10日丨今天物管板塊繼續大跌,實際上從8月份開始,港股物業股已開始出現回調。在20日漲跌幅中,中奧到家以近26%的跌幅領跌物業股。10日漲跌幅中,也有多隻物管股跌幅超17%。港股上市物業公司2020年中報已披露完畢,雖然上半年業績取得了正增長,但從增速上看,主流物業公司在營收、淨利潤同比增速上均有所下降。中金公司此前研報指出,物業板塊自2016年以來估值持續擴張,遠期滾動市盈率已由2016年初的15倍左右上升至當前的35倍左右。但近兩個月的業績行情對板塊的催化作用有限。同時,在存量股票估值處於高位的情況下,大中型優質公司新股集中上市對存量股票的負面影響大於正面,可能分散資金、使得板塊整體估值承壓。

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