《大行報告》瑞銀下調藍光嘉寶服務(02606.HK)目標價至47元 評級「買入」
瑞銀發表研究報告指,依靠併購來推動增長的物管公司估值正在下降,主要由於市場環境變化下收購變得很難預測,以及併購交易現在估值水平為11至15倍,並有不斷上升趨勢,料藍光嘉寶服務(02606.HK)的併購步伐放緩,預期今年併購總建築面積僅達全年目標約60%,明年至2022年更只達到目標的10%,導致2020至2022年每股盈利預測下跌3%至12%,即2019至2022年淨利潤複合年增長率為26%。
然而,該行認為市場可能過於擔心併購估值上升帶來的負面影響,相信即使2021至2022年沒有併購帶來的新增總建築面積,藍光嘉寶仍可實現2019至2022年淨利潤複合年增長率22%。
瑞銀表示,藍光嘉寶現價水平為2021年預測市盈率的6.9倍,而行業平均水平為22.4倍,基於預測市盈率約10倍,將目標價由62元下調至47元,評級「買入」。
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