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野村:舊物管公司較具吸引力 首選碧桂園服務(6098.HK)等3股
格隆匯 11-05 12:50

野村發表行業報告指,隨著多間新物管公司上市,盈利增長的質素比以往顯得更為重要。該行試從有機增長角度分析主要上市的物管公司,發現預測市盈增長率(PEG)較低及盈利增長質素較高的大型舊物管公司更具吸引力,行業首選碧桂園服務(6098.HK)、雅生活服務(3319.HK)及永升生活服務(1995.HK),均予買入評級。

野村表示,撇除收併購及假設來自企業增值服務有適度增長,料板塊增長勢頭仍具韌力,2020-22年複合年增長率料達30%;而板塊PEG亦處於1.29倍的吸引水平。其中,“舊”物管公司PEG為1.25倍,較新物管公司的1.36倍吸引;另外,大型物管公司的估值亦較小型物管公司被市場低估。

該行預期,今年來自收併購及關聯交易等非有機增長將佔物管公司純利的31%,預期融創服務及雅生活服務來自非有機增長盈利貢獻最多,並料物管公司於20至22年純利複合年增長率有43%是來自非有機增長盈利。

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