《大行報告》大摩:碧桂園服務(06098.HK)股價調整為入市良機
摩根士丹利發表研究報告指,認為碧桂園服務(06098.HK)股價近期下跌主要為技術調整,基本面仍保持高增長,估值有吸引力,股價調整是投資者入市好時機。
該行表示,內地物管股8月底至11月12日計累積下跌19%,跑輸同期升4%的恆生指數,認為主要由於下半年IPO市場火爆,多家大型物業管理商來港上市,例如金科服務(09666.HK)、華潤萬象生活及恆大服務等,吸引走不少短期資金。
市場對當局「三條紅線」存有擔憂,大摩認為,內地物管行業基本面穩健,今年盈利有望增長50%,大部分大型內房合約銷售今年可保守增長約10%,將推動旗下物管商管理總建築面積增長約20%,加上物管股對母企依賴不斷降低,相信影響不大。
該行預期明年初可陸續見到物管股年度盈喜消息,在市場分化下傾向大型高質量股份,首選碧桂園服務及永升生活服務(01995.HK),分別予目標價64.11及18.7元,評級「增持」。
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