《大行報告》大摩上調合景悠活(03913.HK)目標價至10.56元 評級「增持」
摩根士丹利發表報告指,上調合景悠活(03913.HK)目標價由8.34元上調至10.56元,因對其估值延至2022年,相當於2022年預測市盈率19倍,維持「增持」評級,指該股於去年12月雖已抽升,但目前估值仍然吸引。
該行指,合景悠活(03913.HK)於1月18日公布斥13.2億元收購雪松智聯科技80%股權,收購後集團今年在管面積指引由8,600萬增至1.6億平方米。公司管理層提到,目前正與四個潛在收購目標接洽,總合約樓面面積達2,700萬平方米。
大摩表示,中期而言,合景悠活目標於2024年在管面積可達3億平方米,代表今年至2024年的年均複合增長率為23%。該行認為,是次收購顯示公司有能力在併購市場以合理估值(去年市盈率12倍)獲得大規模的目標。
此外,合景悠活上周又發盈喜,料去年盈利增長最少70%,大摩因此上調合景悠活去年盈利預測7%至3.14億元人民幣,今明兩年亦各上調8%至6.55億及9.67億元人民幣,代表按年增長107%及48%,以反映雪松智聯的收購。
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