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《大行報告》美銀證券升萬科企業(02202.HK)評級至「買入」 目標價上調至38元
阿思達克 01-07 10:18
美銀發表研究報告指,萬科企業(02202.HK)物業管理、物流倉儲及零售購物中心等非地產發展業務價值不斷增長,在未來1至2年有釋放價值的可能,如果業務價值重新評估,該等業務將佔萬科資產淨值逾30%以上,將萬科評級升至「買入」。

報告指,萬科於過去幾年透過併購物流地產普洛斯及商業物業集團印力,拓展了房地產開發以外的業務,認為參與併購交易的投資者如高瓴資本等,可能會尋求退出時機,意味著萬科可能將業分拆上市,以釋放價值。

該行表示,由於將非物業業務部門的原始成本攤銷在損益中,預期盈利收入被低估約6%至7%,導致估值偏高,根據美銀調整後的2021財年預測市盈率應為5.4倍。考慮到資產負債表穩健,及非物業投資增長,美銀將目標價由28元上調至38元,預測2020至2022年每股盈利介乎3.6至4.15元人民幣。

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