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《大行報告》瑞銀降合景悠活(03913.HK)評級至「中性」 目標價上調至10.3元
阿思達克 03-02 09:38
瑞銀發表的研究報告指,將合景悠活(03913.HK)評級由「買入」降至「中性」主要因為今年以來其股價跑贏同業,擔心收購後其未來增長緩慢,該行認為公司在商業管理方面的優勢已反映,考慮到今年以來股價已升54.6%,而行業平均升僅18.5%。今年1月18日公司宣布收購雪松智聯科技集團80%權益,該行將公司2021/22年每股盈測分別升9.1%及12.2%,以反映併購帶來的貢獻,目標價由7.6元升35.5%至10.3元。

該行指出公司斥13.16億元人民幣收購雪松八成權益,意味2020年預測市盈率約12.1倍,而2022年預測淨利將增長12.2%,另外公司在公共物業管理方面的業務佔比亦有所增加,不過考慮到盈利基礎擴大及住宅項目競標紀錄有限等,認為除非加快併購,否則公司增長自2022年起或減慢,並拖累估值獲向下重估。

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