富瑞:料碧桂園服務(6098.HK)或上調今明兩年展望 續予買入評級
富瑞發表研究報吿預期,藍光嘉寶(2606.HK)剛公佈的業績對碧桂園服務(6098.HK)只有中性的影響,認為後者資產負債表增長強勁,盈利能見度高,仍屬同業首選,現時35倍的市盈率在大型同業中偏低,因此建議低位可以買入,目標價為86.68港元。
獲碧桂園服務收購的藍光嘉寶,昨晚公佈去年盈利增長24%,比市場平均預測低5%,利潤率大致穩定。富瑞相信藍光嘉寶業績對碧桂園服務的影響只有中性,雖然收購市盈率可能因此略為提高,富瑞對有關收購仍然樂觀。
碧桂園服務預計本月22日公佈業績,估計公司在發盈喜後,業績難有驚喜,由於去年業績勝預期,預測管理層可能上調公司今明兩年展望。集團現時估計公司2021-22年盈利複合年均增長率大於40%。富瑞相信有關增長分別可達約60%和40%。若税務優惠可以延續,2021-22年每股盈利將有進一步上升10%的空間,給予“買入”評級。

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