《大行報告》花旗首予世茂服務(00873.HK)「買入」評級 目標價19.5元
花旗發表研究報告,指世茂房地產(00873.HK)的盈利展望穩健,料有助推高的市盈率估值,其整合能力有助支持純利率於2020至22年在15-16%;管理資產面積年複合增長率為61%,當中41%新合約來自第三方,24%來自母企,35%來自併購;母企為10大的發展商,並主要針對1、2線城市,而且亦進軍多元化業務;公司利潤組合升級,其中停車場和其他發展項目服務的業務降2%及10%,社區增值服務增至40%;科技和增值服務資源能夠與紅杉資本和騰訊等策略性投資者整合;納入互聯互通以及恆生綜合指數(3月15日生效)都有助提高投資者興趣。
該行指,公司發盈喜,料去年度盈利增長達80%以上,預期明年年複合增長達75%,目標價19.5元,首予「買入」評級。
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