建銀國際再次重申正榮服務(06958.HK)跑贏大市評級,目標價8.30港元
建銀國際2021年1月28日於報吿中指出:
正榮服務第三方渠道拓展發力
根據企業通訊,正榮服務(06958.HK)已進駐42個城市,覆蓋逾234個在管項目。截至2020年末,正榮服務合約建築面積同比增長136%,達到約8740萬平方米,在管面積同比增長80%,達到約4130萬平方米。得益於項目渠道多元化,第三方物業佔比快速上升,其合約建築面積同比增長309%,達到6210萬平方米,第三方物業在管面積同比增長119%,達到2630萬平方米。第三方物業合約建築面積和在管面積比例達到71%、64%,分別增長30個百分點和11個百分點,體現了正榮服務的強大品牌認知度。合約建築面積與在管面積的比率維持在c.2x,為同業中最高。
正榮服務持續增強非住宅領域拓展
正榮服務已構築“住宅物業+非住宅物業”雙輪驅動型業務模式。在管非住宅業務涵蓋政府公建、寫字樓、工業園區和學校,同比增長120%,佔總在管面積的44%,增長8個百分點。建銀國際期望正榮服務依靠多年服務經驗的積累和服務質量的認可,增強第三方物業拓展,進一步擴大客户羣體。
估值具有吸引力,重申“跑贏大市”評級
正榮服務的控股股東歐宗榮先生,近期連續增持公司股份,顯示控股股東對公司業務前景的信心。公司目前的市盈率為13x 2021F P/E,遠低於行業25x的平均水平。建銀國際預測2020-2022年的淨利潤複合年增長率可達到59%,而行業水平為c.40%。重申對該股“跑贏大市”的評級及HKD8.30的目標價。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.