大和:是時機收集物管股 首選碧桂園服務(6098.HK)及雅生活(3319.HK)
大和發表行業報告稱,中國物管板塊在過去3個月股價已累跌22%,主因投資者變得更選擇性及轉移興趣至新上市的股份,認為目前是合適時機重新審視板塊,並建議投資者收集表現落後的物管股,首選碧桂園服務(6098.HK)及雅生活服務(3319.HK),均予“買入”評級,另亦推薦綠城服務(2869.HK)及彩生活(1778.HK),分別予以“優於大市”及“持有”評級。
大和指,目前板塊估值合理,而投資者現較偏好有持續性增長、具自然增長擴張能力及新增長來源等的優質公司,由於投資者認為物管公司收併購估值已偏貴及將拖低其利潤率,故相信物管公司未來對透露收並購來擴張規模轉趨審慎;同時,該行亦認為大多數公司未來幾年仍持續有強勁的盈利增長,預期今年碧桂園服務及雅生活服務純利將按年增長逾40%、綠城服務則料增逾30%。
該行又指,留意到自9月起部分公司的控股股東或管理層開始增持其股份,相信此舉可反映出他們對所屬公司發展的信心。
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