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富瑞:首予融創服務(1516.HK)“買入”評級 目標價17.92港元
格隆匯 11-20 15:57

富瑞發表研究報告指,融創服務(1516.HK)是含“金湯匙出身,加上公司業務全國性覆蓋、主打高瑞客户羣及強勁的規模增長等,預期公司盈利增速將跑贏同行,同時短期亦有數個催化劑刺激下,首予公司“買入”評級,目標價17.92港元,並將其列為行業首選。

富瑞指,受惠於融創中國(1918.HK)強勁的預售表現,未來幾年融創服務的投資組合增長可見度相當高;同時公司積極拓展第三方業務,預期公司於2022年在管的建築面積將達3.5億平方米。另外,對比其他物管公司,融創服務旗下社區有更多高資產淨值人士,故有利公司增值服務發展,料其業務毛利率將可顯著提升至逾40%;隨着規模快速擴張,預期公司增值服務收入在2022年將急增10倍至11億元人民幣,佔總收入約一成。

該行又指,對公司2020至2022年毛利率及利潤率每年增長1至2個百分點感到樂觀。而近期催化劑亦包括今年業績料按年增長逾一倍、明年3月有望被獲入滬港通,以及首季將公佈潛在大型收併購等。

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