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《大行報告》大摩首予融創服務(01516.HK)「增持」評級 目標價20.98元
阿思達克 12-23 10:05
大摩發表的研究報告指,融創服務(01516.HK)作為內地領先的物業管理服務供應商,截至上半年,管理面積達1.05億平方米,而合約面積達2.32億平方米。該行料公司2019-22年物管收入的年複合增長達95%,主要受惠融創中國(01918.HK)的資源及第三方擴張等,估計公司2020-22年的管理面積將為1.39億、2.4億及3.46億平方米。

該行料社區增值服務將成下一波的增長引擎,受惠相關業務滲透率提升,加上物管規模擴張等,料2019-22年公司社區增值服務收入的年複合增長可達115%,主要受社區生活服務及物業內部裝修服務帶動。

而受惠管理面積擴張及利潤改善,料2019-22年的盈利年複合增長可達93%,認為公司前景強勁,首予「增持」評級,並為該行首選之一,目標價20.98元。(el/u) ~

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