《大行報告》摩通升永升生活(01995.HK)目標價至22.5元 評級「增持」
摩通發表的研究報告,認為永升生活服務(01995.HK)收購廣西最大物管公司彰泰服務65%權益估值約2020年預測市盈率11倍算是合理,具有增值作用,低於最近執行交易平均約12-14倍,而彰泰服務利潤高於永升生活,同時亦有較高的儲備面積比例,反映盈利鎖定較強,考慮到最近雙方背後的發展商均簽署了框架協議,相信整合將順暢,將公司目標價由19元升至22.5元,評級「增持」,以反映併購為盈利帶來的影響。
在旭輝控股集團(00884.HK)與彰泰簽署框架協議後不久,永升生活服務就宣布收購彰泰服務65%權益,涉資4.34億元人民幣,佔去年6月配股集資額的33%。截至2020年底,彰泰服務主要集中於住宅物業,合約面積2,200萬平方米(相當於永升生活服務的13%),而可收費建築面積780萬平方米(相當於永升生活服務的8%)。在財務層面,該行將公司2021/22年淨利預測升6%及8%,以反映收購後對盈利帶來的影響,認為未來仍有空間進行更多併購。
摩通認為今次是公司自去年次季以來最大的併購,不認為會改變公司在第三方競標的焦點,而併購亦將視乎機遇並選擇性進行,認為今次交易更多是由旭輝與彰泰合作所帶來。不過該行指出公司股價創新高,如果有另一個吸引的併購機遇,不排除會再有配股,相信對股價影響亦未必負面。(el/u) ~
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