海通國際:首予卓越商企(6989.HK)“跑贏大市”評級 目標價14.3港元
海通國際11月23日發研報首次覆蓋卓越商企(6989.HK),給予其“跑贏大市”評級,目標價14.3港元,較11月23日收盤價10.36港元有38%的潛在升幅。
海通國際指出:
1) 公司具有獨特的商業物業管理經驗,被視為商業物管行業的主要參與者,其在2019年約16億元的物管收入中,約89%來自非住宅物業管理(而行業平均水平為38%)。
2)公司的增值服務(VAS)收入僅佔2019財年收入的11%,VAS毛利率只有25%,是同業中最低的毛利率之一,該行認為低基數意味着該領域的增長將會很強勁。
3) 公司服務於中國領先的跨國互聯網公司,相信高知名度的客户羣為其贏得了良好的市場聲譽。
4) 卓越商企已於今年9月9日實施了首次公開發行前的股票認購權計劃,總計2820萬股,佔已發行股本的2.31%。而購股權行權的條件之一是特定年份的核心淨利潤同比增長30%以上。
5) 卓越商企管理第三方開發商開發的近1340萬平方米的總樓面面積,為未來的擴張籌集了大量資金。且公司的融資規模在已上市的主要物管公司中位列第五,該行認為更多的併購意味着公司未來幾年更快的增長。
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