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《大行報告》瑞信首予融創服務(01516.HK)及合景悠活(03913.HK)「跑贏大市」評級 升中海物業(02669.HK)評級至「中性」
阿思達克 02-16 09:56
瑞信發表報告,預期內地首百大物業管理商的規模擴展仍然完好,2020年至2025年的年均複合增長率(CAGR)料達22%,其中住宅、寫字樓及零售物業等傳統板塊的收入CAGR估計為21%,至於新物業板塊則可成額外增長動力,預期首百大的收入CAGR達27%。

在有覆蓋研究的香港上市行業股份中,該行預期去年的在管面積按年增長47%,並推動收入同樣按年增長47%。而有關企業去年的毛利趨勢估計亦大致穩定,疫情造到的影響可被政府補貼抵銷,因此該行預測有關股份去年盈利按年增長49%。

瑞信首次覆蓋研究融創服務(01516.HK)及合景悠活(03913.HK),均予「跑贏大市」評級,目標價分別30.46元及11.68元。該行又上調中海物業(02669.HK)評級,由「跑輸大市」升至「中性」,不過目標價由7元降至4.91元。行業中,瑞信喜好碧桂園服務(06098.HK)及融創服務,並認為雅生活(03319.HK)有更佳的風險回報。

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