《大行报告》大摩首予融创服务(01516.HK)「增持」评级 目标价20.98元
大摩发表的研究报告指,融创服务(01516.HK)作为内地领先的物业管理服务供应商,截至上半年,管理面积达1.05亿平方米,而合约面积达2.32亿平方米。该行料公司2019-22年物管收入的年复合增长达95%,主要受惠融创中国(01918.HK)的资源及第三方扩张等,估计公司2020-22年的管理面积将为1.39亿、2.4亿及3.46亿平方米。
该行料社区增值服务将成下一波的增长引擎,受惠相关业务渗透率提升,加上物管规模扩张等,料2019-22年公司社区增值服务收入的年复合增长可达115%,主要受社区生活服务及物业内部装修服务带动。
而受惠管理面积扩张及利润改善,料2019-22年的盈利年复合增长可达93%,认为公司前景强劲,首予「增持」评级,并为该行首选之一,目标价20.98元。(el/u) ~
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