《大行报告》高盛下调雅生活(03319.HK)目标价至49元 评级「买入」
高盛发表报告指,雅生活服务(03319.HK)去年业绩表现符合预期,净利润按年增长43%至17.54亿人民币,主要受收入增长96%所带动,部分被毛利率回落7个百分点至30%所抵消。
该行引述雅生活管理层指,公司目标於2021至2023年管理面积增长各至4.73亿、5.44亿及6.27亿平方米,2021至2023年年复合增长率达20%,并预期城市服务收入贡献将达到10%、16%及20%,毛利率则预期降至平均28%。
高盛相应将雅生活服务2021至2023年每股盈利预测上调6%至7%,指出公司增长前景稳健,将继续保持物业管理服务行业的全国性领先地位,维持对其「买入」评级,但将目标价,由52元下调至49元,反映2022年预测市盈率约18倍。
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