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《大行报告》大摩上调合景悠活(03913.HK)目标价至10.56元 评级「增持」
阿思达克 02-01 10:16
摩根士丹利发表报告指,上调合景悠活(03913.HK)目标价由8.34元上调至10.56元,因对其估值延至2022年,相当於2022年预测市盈率19倍,维持「增持」评级,指该股於去年12月虽已抽升,但目前估值仍然吸引。

该行指,合景悠活(03913.HK)於1月18日公布斥13.2亿元收购雪松智联科技80%股权,收购後集团今年在管面积指引由8,600万增至1.6亿平方米。公司管理层提到,目前正与四个潜在收购目标接洽,总合约楼面面积达2,700万平方米。

大摩表示,中期而言,合景悠活目标於2024年在管面积可达3亿平方米,代表今年至2024年的年均复合增长率为23%。该行认为,是次收购显示公司有能力在并购市场以合理估值(去年市盈率12倍)获得大规模的目标。

此外,合景悠活上周又发盈喜,料去年盈利增长最少70%,大摩因此上调合景悠活去年盈利预测7%至3.14亿元人民币,今明两年亦各上调8%至6.55亿及9.67亿元人民币,代表按年增长107%及48%,以反映雪松智联的收购。

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