《大行報告》高盛下調雅生活(03319.HK)目標價至49元 評級「買入」
高盛發表報告指,雅生活服務(03319.HK)去年業績表現符合預期,淨利潤按年增長43%至17.54億人民幣,主要受收入增長96%所帶動,部分被毛利率回落7個百分點至30%所抵消。
該行引述雅生活管理層指,公司目標於2021至2023年管理面積增長各至4.73億、5.44億及6.27億平方米,2021至2023年年複合增長率達20%,並預期城市服務收入貢獻將達到10%、16%及20%,毛利率則預期降至平均28%。
高盛相應將雅生活服務2021至2023年每股盈利預測上調6%至7%,指出公司增長前景穩健,將繼續保持物業管理服務行業的全國性領先地位,維持對其「買入」評級,但將目標價,由52元下調至49元,反映2022年預測市盈率約18倍。
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