《大行报告》麦格理首予华润万象生活(01209.HK)「跑赢大市」评级 目标价32.6元
麦格理发表的研究报告指,有别於其他上市物管公司,华润万象生活(01209.HK)可为投资者提供独特的商业物业覆盖,而母公司润地亦有强劲的品牌,可为公司提供稳健的供应,首予公司「跑赢大市」评级,目标价32.6元。
该行指出公司住宅物管方面有来自润地的支持,占其物业管理面积达82%,而公司亦正积极向外扩张,估计到2022财年来自第三方的物业管理面积将由2019财年的19%增至37%,并预计2019-2022财年的物管面积年复合增长可达25%。
该行指出公司是内地领先的商场营运者,在当地有51个商场,涉及560万平方米的商业营运服务面积,另外亦有45个项目准备中,涉达410万平方米的面积将於2020-24财年启用,相信到2024年旗下项目的年复合增长将达24%,并达106个,而管理面积的年复合增长将有14%,到2024财年将达1,030万平方米。
该行亦预计公司的整体毛利率到2022年将改善至30%,而商业运营服务的利润则在60%水平,而商场及写字楼均在40%的水平,显着高於其他现有业务,料相关贡献增加将有助改善其盈利能力。另外该行亦留意到住宅物管方面受惠市场主导的经营、效率提升及增值服务增加,表现亦有改善,现时估计公司净利的年复合增长可达73%,而收入年复合增长则达22%。(el/k) ~
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