寶龍商業(09909.HK):上市後首宗收購落地,首予“收集“評級,目標價29.80港元
機構:國泰君安
評級:收集
目標價:29.80港元
寶龍商業(“公司”)收購了浙江星匯 60%的權益。截至 2020 年 7 月 6 日,浙江星匯的在管零售商業項目有 14 個,包含停車位在內的在管建築面積達到約 89 萬平方米。我們預計浙江星匯的財務業績將在 2020 年下半年併入公司的財務報表。我們預計公司在未來將積極尋求收購機會但將主要關注零售商業物業的管理公司。
任命新的 CEO。陳德力先生在 2020 年 6 月被任命為公司的執行董事以及首席執行官。他在商業運營方面的豐富經驗與專長預計將進一步提升公司高級管理團隊的整體實力。
我們預測公司的總收入和股東淨利將於2020至2022年分別以25.5%和44.1%的年複合增長率增長。基於持續的規模擴張,公司的總收入預計將在 2020 至 2022 年分別同比增長 21.6%/27.7%/ 27.4%。伴隨預測總收入的穩健增長和利潤率的大幅提升,股東淨利預計將在 2020 至2022 年分別同比增長 56.1%/ 41.2%/ 35.9%。
對商業物管的特別聚焦是關鍵的增長動力。 公司預計將在未來維持長三角商業物管和商業運營的領先地位。我們首次覆蓋寶龍商業並給予每股 29.80 港元的目標價以及“收集”的投資評級。目標價分別相當於 58.4 倍/ 43.0 倍/ 31.6 倍 2020-2022 年市盈率。

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