暗盤前瞻 | 融創服務:基本面優於金科服務的全國性物管龍頭
uSMART盈立智投11月18日消息,融創服務今日公佈中籤結果並將於16:15進行暗盤交易。
如之前在金科服務的暗盤前瞻中所述,近期物業新股暗盤及首日走勢不佳主要受到整體物業板塊低迷的影響。
融創服務上市後也將躋身物管龍頭陣營,而且相較金科服務偏西南地區龍頭來說,更加符合全國性龍頭的範疇。在龍頭地產公司中,融創的物業公司規模是最小的,意味着未來增速會更加高,融創服務過去3年收入和利潤年複合增長率59.5%、150.7%,也說明瞭這一點。背靠土儲面積充足的融創中國,以及收購開元物業帶來的盈利空間和外拓能力的提升,都是未來確定性業績的保障。
以中間價11.6港元定價後,上市市值爲348億港元,在港股已上市的物業股中排名第四,次於碧桂園服務(1285億)、雅生活服務(471億)、世茂服務(375億),對應PE(TTM)約63倍,綜合投行預測,2020/2021年PE分別約55/25倍。
從分配結果來看,融創服務沒有回撥,公開發售股份佔比僅7%,低於超額分配的15%股份,綠鞋子彈充足,再結合剛上市的金科服務走勢,可以看到新股恐慌情緒已經散去,世茂服務暗盤跌超10%的場景出現機會不大,預計破發概率不大,但受制於板塊走勢,漲幅也不會太大。
暗盤預報
uSMART盈立智投暗盤交易時間:11月18日 16:15~18:30
新股配售 | 融創服務一手中籤率30%,公開認購10.42倍,國配4.9倍,無回撥,有綠鞋,穩價人系摩根士丹
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