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野村:碧桂園服務(6098.HK)收購藍光嘉寶服務影響正面 重申其買入評級
格隆匯 02-26 13:19

野村發表研究報吿指,碧桂園服務(6098.HK)擬以總代價48.5億元人民幣收購藍光嘉寶服務(2606.HK)64.62%股權,意味藍光嘉寶估值約90億港元。該行對交易看法正面,料可令碧桂園服務在華西的管理面積由去年上半年的3%,顯著增至15%,故重申碧桂園服務買入評級,目標價續看76.3港元。

野村指,收購藍光嘉寶後,碧桂園服務的第三方合約招標能力將大增,估計去年兩者來自第三方合約面積共有6300萬平方米;在假設持有藍光嘉寶64.62%股權後,將使碧桂園服務2019年及去年上半年利潤將分別增加17%及12%。

該行預期,碧桂園服務於去年底手頭上現金約有130億元人民幣,收購事項將消耗其現金38-69%,另外藍光嘉寶手頭現金亦料有19億元人民幣。

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