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《大行报告》瑞银:碧桂园服务(06098.HK)新收购助释放环境卫生业务增长机遇
阿思达克 10-15 15:22
瑞银发表研究报告,指碧桂园服务(06098.HK)向独立第三方收购满国康洁70%股权,最高代价24.5亿人民币一事,认为交易正面,符合其扩张业务的策略。

该行指,作价亦基於满国康洁提供今年的溢利保证,在不低於2.2亿元人民币,以及经营收入不低於24亿元人民币,以上述表现,满国康洁料在2021-23年经营收入年复合增长率在22%,纯利年复合增长率在20%,同时如果至2027年止,若公司环卫板块未在国内外证券交易所上市,则买方於一年内收购其余29.01%股权,对价不高於45亿人民币。

该行表示,若满国康洁纯利复合增长率在30-40%,料多於30%的增长後的15%纯利会以现金分派予核心管理团队,而增长多於40%,公司亦同意分派4%股份予管理团队,相信可以有助双方建立关系,并享有协同效应,维持行业首选地位,目标价65.6元,评级「买入」。

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