《大行报告》瑞银降合景悠活(03913.HK)评级至「中性」 目标价上调至10.3元
瑞银发表的研究报告指,将合景悠活(03913.HK)评级由「买入」降至「中性」主要因为今年以来其股价跑赢同业,担心收购後其未来增长缓慢,该行认为公司在商业管理方面的优势已反映,考虑到今年以来股价已升54.6%,而行业平均升仅18.5%。今年1月18日公司宣布收购雪松智联科技集团80%权益,该行将公司2021/22年每股盈测分别升9.1%及12.2%,以反映并购带来的贡献,目标价由7.6元升35.5%至10.3元。
该行指出公司斥13.16亿元人民币收购雪松八成权益,意味2020年预测市盈率约12.1倍,而2022年预测净利将增长12.2%,另外公司在公共物业管理方面的业务占比亦有所增加,不过考虑到盈利基础扩大及住宅项目竞标纪录有限等,认为除非加快并购,否则公司增长自2022年起或减慢,并拖累估值获向下重估。
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