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《大行报告》大和首予永升生活服务(01995.HK)「买入」评级 目标价27元
阿思达克 02-23 14:41
大和发表研究报告,首予永升生活服务(01995.HK)「买入」评级,目标价27元。报告形容该公司「鹤立鸡群」(standing out in a crowd),指其属内地少数物管公司具强劲第三方项目获取能力,而毋须依赖并购。随着投资者选股更具选择性,喜好在竞争中具持续增长及盈利能力的公司,料其可突围而出。

报告称,永升获关连方旭辉(00884.HK)全力支持,2020年7月整合其为附属。即使来自旭辉的管理楼面贡献有限,相信旭辉的支持及其与地方政府的关系可协助永升扩大城市服务板块及探索与第三方发展商合作的机会。报告料永升在并购上审慎,长远而言并购将贡献约10%新增管理楼面。

大和称,永升属近年发展最快的内地物管公司,料2020至2022年录强劲管理楼面及利润增长,受惠进一步渗透至三、四线城市、提供一系列社区增值服务、高潜力非住宅物业贡献扩张等,料2019至2022年间,管理楼面年均复合增长达59%,纯利年均复合增长达62%。

该行料2020至2022年各年纯利分别3.84亿、6.49亿及9.46亿元人民币。

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