《大行報告》大和升碧桂園服務(06098.HK)目標價至88元 重申「買入」
大和發表研究報告指,碧桂園服務(06098.HK)去年純利升61%至26.9億元人民幣,高於早前盈喜指引及市場預期的25.2億元人民幣。公司全年宣派每股21.87分人民幣,按年增長44%。報告視碧桂園服務為行業首選之一,重申「買入」評級,目標價由61.2元升至88元。
報告稱,受惠毛利率擴張,碧桂園服務在多個板塊強勁增長;公司去年並在城市服務加快擴張。
公司亦宣布收購藍光嘉寶(02606.HK)逾71%權益,作價54.32億元人民幣,相當於今年預測市盈率10倍。目標2021至2025年間整體收入年均複合增長達50%,2025年收入達1,000億元人民幣,當中物業管理佔500億元人民幣,增值服務佔300億元人民幣,城市服務佔200億元人民幣。
大和上調碧桂園服務今明兩年每股盈測11%至23%,反映收購藍光嘉寶帶來收入貢獻。
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