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招銀國際:弘陽服務(1971.HK)增值服務增長強勁 上調目標價至9.17港元 評級“買入”
格隆匯 12-22 14:18
格隆匯12月22日丨招銀國際最新發研報指,重申弘陽服務(1971.HK)“買入”評級,目標價由9港元上調至9.17港元,較昨日(12月21日)收盤價4.9港元有87%的潛在升幅。招銀國際認為,弘陽服務2020年的核心利潤(不包括上市費用)將強於預期,同比增長50%達到8800萬元人民幣,而市場預期為40%。增長主要來自於伴隨宏觀經濟的復甦公司強勁的增值服務,以及2020財年下半年公共區增值服務和代理業務的加速發展。該行還將公司2020至22財年收入預期分別上調16%/4%/3.5%,以反映增值服務的快速增長等。招銀國際表示,基於1200萬平方米的儲備總建築面積及在2020年下半年通過招標和併購進行的積極擴張,公司在管總建築面積同比增長60%,到2020財年達到2500萬平方米是有望實現的。此外,增值服務將成為公司新的增長引擎。今年下半年廣告業務正在快速復甦,將進一步推動收入增長。隨着總建築面積的增長和增值服務滲透率的提高,該行預計公司增值服務的複合年增長率將達到134%,至2020財年達到3.43億元人民幣,對集團總毛利潤的貢獻將達35%。招銀國際還稱,12月21日收盤後,公司宣佈大股東斥資77.53萬港元增持16.6萬股公司股份,彰顯了對公司的支持。另外,從基本面看,該行預計整個行業在2020財年將再次實現穩健的盈利增長,並將在明年1月開始看到一些積極的盈喜,作為短期催化劑。而關鍵的盈利差異將體現在增值服務上。
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