富瑞:維持碧桂園服務(6098.HK)買入評級 升目標價至86.68港元
富瑞發表研究報吿指,碧桂園服務(6098.HK)早前簽署諒解備忘錄,以9.9倍的預期市盈率收購藍光嘉寶服務(2606.HK)64.6%股權。除了預期每股盈利可提升10-13%外,相信集團亦其將受惠於規模、地域、毛利、社區增值服務之協同效益,考慮到交易規模和優惠收購價後,估計市場將有非常正面的反應,維持其作為可持續強勁增長和高能見度物管股首選,將目標價調升11%,由78.33港元升至86.68港元,續予買入評級。
富瑞認為,是次交易將可提升集團管理的總建築面積35%至約5億平方米(合同建築面積逾11億平方米),並將集團在中國西部的接觸率提高至約20%(現在約為4%)。該行料集團可充分利用藍光嘉寶服務強大的實力在中國西部進行第三方擴張,集團亦可以藉規模經濟效益提高利潤率,鞏固其在低線城市的領先地位,以及增加社區增值服務和城市服務。
富瑞將碧桂園服務2021和2022財年的建築面積分別上調至6.36億及7.85億平方米,另外,2021和2022財年的盈測分別上調至42億元人民幣及57億元人民幣(複合年增長率約為50%)。
富瑞相信,集團擁有強大執行力和服務質量,中期將繼續在獲得第三方項目上優於低端同行,預期集團將發佈強勁的業績,又料其將有約55%的收入增長,如果集團續享特惠税率,該行認為2021至22年的每股盈利還有10%的潛在增長空間。該行相信,一旦恆指組合進行調整,集團或可加入。

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