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《大行報告》瑞銀:碧桂園服務(06098.HK)新收購助釋放環境衛生業務增長機遇
阿思達克 10-15 15:22
瑞銀發表研究報告,指碧桂園服務(06098.HK)向獨立第三方收購滿國康潔70%股權,最高代價24.5億人民幣一事,認為交易正面,符合其擴張業務的策略。

該行指,作價亦基於滿國康潔提供今年的溢利保證,在不低於2.2億元人民幣,以及經營收入不低於24億元人民幣,以上述表現,滿國康潔料在2021-23年經營收入年複合增長率在22%,純利年複合增長率在20%,同時如果至2027年止,若公司環衛板塊未在國內外證券交易所上市,則買方於一年內收購其餘29.01%股權,對價不高於45億人民幣。

該行表示,若滿國康潔純利複合增長率在30-40%,料多於30%的增長後的15%純利會以現金分派予核心管理團隊,而增長多於40%,公司亦同意分派4%股份予管理團隊,相信可以有助雙方建立關係,並享有協同效應,維持行業首選地位,目標價65.6元,評級「買入」。

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