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《大行報告》美銀證券首予世茂服務(00873.HK)「中性」評級 目標價14元
阿思達克 12-11 09:41
美銀證券首予世茂服務(00873.HK)「中性」評級,目標價14元,認為公司定位獨特,可受惠四大引擎,包括是較強的保薦人、併購、公共服務投標及社區增值服務滲透,認為將帶動公司的增長,不過認為公司估值上行空間受制於其依賴併購的本質,認為公司具週期性,加上屬增值服務亦是非必須品,為增長帶來不確定性。

該行指出目標價14元是基於公司的自由現金流估算,相當於其2021年預測市盈率的24倍,而該行的目標價較市場低20%,主要因為該行對公司2022年盈利預測較市場低約10%,以反映對併購及增值服務增長看法較保守。該行認為短期公司的催化劑包括是併購及公共投標有進展,或者是獲納入互聯互通等,不過風險就包括低質素併購、盈利或增值服務增長遜預期等。

美銀證券認為公司短期的上行空間有限,雖重估有機會出現,但有機會要待2023年或以後。另一方面該行認為大型的併購交易亦有機會觸發重估,因為有助去除前景的不確定性,但大型的潛在目標不多,而市場競爭亦激烈。

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