《大行报告》花旗首予世茂服务(00873.HK)「买入」评级 目标价19.5元
花旗发表研究报告,指世茂房地产(00873.HK)的盈利展望稳健,料有助推高的市盈率估值,其整合能力有助支持纯利率於2020至22年在15-16%;管理资产面积年复合增长率为61%,当中41%新合约来自第三方,24%来自母企,35%来自并购;母企为10大的发展商,并主要针对1、2线城市,而且亦进军多元化业务;公司利润组合升级,其中停车场和其他发展项目服务的业务降2%及10%,社区增值服务增至40%;科技和增值服务资源能够与红杉资本和腾讯等策略性投资者整合;纳入互联互通以及恒生综合指数(3月15日生效)都有助提高投资者兴趣。
该行指,公司发盈喜,料去年度盈利增长达80%以上,预期明年年复合增长达75%,目标价19.5元,首予「买入」评级。
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