《大行報告》瑞銀下調世茂服務(00873.HK)目標價至10.7元 評級「沽售」
瑞銀發表研究報告指,世茂服務(00873.HK)母企世茂房集團(00813.HK)宣布將明年合約銷售額增長預測由20%,下調至逾10%,主要由於今年8月至11月土儲收購放緩,即代表未來世茂服務可以獲得的總建築面積減少,對併購依賴度提升,料2020至2021年新增總建築面積中有約81%來自收購項目,看淡發展前景。
報告指,併購驅動的增長將導致物管股估值下跌,而世茂與福晟的併購交易觸礁,亦反映出併購項目有一定違約風險,因此下調世茂服務的2021年併購預測,預期公司2022年及以後不再進行併購,明年才可達到上市前向投資者承諾的利潤保證。
該行指,公司自上市以來已累跌27%,考慮到前景不明朗,市場對其增長太樂觀,將目標價格進一步下調24%至10.7元,重申「沽售」評級。
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