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《大行報告》大和首予永升生活服務(01995.HK)「買入」評級 目標價27元
阿思達克 02-23 14:41
大和發表研究報告,首予永升生活服務(01995.HK)「買入」評級,目標價27元。報告形容該公司「鶴立雞群」(standing out in a crowd),指其屬內地少數物管公司具強勁第三方項目獲取能力,而毋須依賴併購。隨著投資者選股更具選擇性,喜好在競爭中具持續增長及盈利能力的公司,料其可突圍而出。

報告稱,永升獲關連方旭輝(00884.HK)全力支持,2020年7月整合其為附屬。即使來自旭輝的管理樓面貢獻有限,相信旭輝的支持及其與地方政府的關係可協助永升擴大城市服務板塊及探索與第三方發展商合作的機會。報告料永升在併購上審慎,長遠而言併購將貢獻約10%新增管理樓面。

大和稱,永升屬近年發展最快的內地物管公司,料2020至2022年錄強勁管理樓面及利潤增長,受惠進一步滲透至三、四線城市、提供一系列社區增值服務、高潛力非住宅物業貢獻擴張等,料2019至2022年間,管理樓面年均複合增長達59%,純利年均複合增長達62%。

該行料2020至2022年各年純利分別3.84億、6.49億及9.46億元人民幣。

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