弘陽服務:建銀及招銀給予“跑贏大市”及“買入”評級,目標價分別為9.2港元及9.37港元
格隆匯3月25日丨深耕長三角地區、增長迅速的綜合社區服務供應商弘陽服務(1971.HK)獲建銀國際及招銀國際分別發表“跑贏大市”及“買入”的研究報吿,兩間知名投行均認為集團2020年業績超預期,目標價為9.2港元及9.37港元。
建銀國際認為弘陽服務業務多元化,並預計弘陽服務將繼續擴展來自第三方的管理面積,預計到2021年及2022年,集團來自第三方及弘陽地產(1996.HK)的管理建築面積佔比,將分別佔集團的60%:40%及70%:30%。在社區增值服務方面,弘陽服務計劃加強全方位服務,包括公共區增值服務、社區便民、房產中介、美化家居及資產管理服務。就資訊科技系統而言,集團將繼續升級其管理系統以降低營運成本及提高營運效率。建銀國際認為弘陽服務估值吸引,現時股價是最被低估的物業管理公司之一,因此給予維持跑贏大市的評級,將目標價從8.80港元上調至9.2港元。
招銀國際認為優質併購有助弘陽服務推動規模擴張,預計未來三年集團的收入及淨利潤複合年增長率均為50%,目標是到2023年將在管面積的60%來自第三方(包括併購); 社區增值服務應維持高增長。此外,集團自上市以來的併購項目均已錄得盈利,如武漢匯得行的淨利潤率高達24%;滁州宇潤亦有12%,對比集團現時的12%,有助提升集團的利潤率。其集團計劃將併購重點放在長三角地區,因為一般管理費用較高,對利潤率攤薄的機會較少。招銀國際認為弘陽服務估值吸引。維持買入評級,目標價9.37港元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.