《大行報告》瑞銀首予金科服務(09666.HK)「買入」評級 目標價65.5元
瑞銀發表研究報告,首予內地綜合智慧物業服務商金科服務(09666.HK)「買入」評級,指出該公司來自第三方的項目合約持續增加,減少對母企的依賴,有助推動估值上升,基於2021年預測市盈率35倍,予其目標價65港元
該行指,金科服務為金科股份(000656.SZ)的物管旗艦,自2015年開拓第三方業務,在行業中有先發優勢,今年上半年合約總建築面積中有64%來自第三方項目,近期金科服務亦取得來自資產管理公司信達國際及地方政府項目的管理合約。
瑞銀表示,金科服務旗下第三方業務發展向好,加上母企的支持,預期來自金科股份的物管收入於2019至2022年的年複合增長率達30%,鎖定未來兩至三年收入來源。瑞銀料金科服務於2020年至2022年每股攤薄盈利各為0.58元、0.7元及1.06元人民幣。
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