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《大行报告》瑞信降保利物业(06049.HK)目标价至57.91元 评级「跑赢大市」
阿思达克 03-26 10:11
瑞信发表研究报告指,保利物业(06049.HK)去年度净利润按年增长37%,较该行及市场预期低3%及4%,毛利率亦放缓至18.7%。

撇除公共服务业务,保利物业去年在管面积增长22%至1.79亿平方米,推动管理业务收入增长23%。管理层制定未来三年收入复合增长30%的目标,并预期盈利可复合增长20%至30%。该行指出,不包括公共服务,现时预留面积有约1.68亿平方米,相当於2020年底的管理建筑面积为0.94倍,计及传统物业管理领域一直加快向外扩张,虽然目前来自第三方的管理面积比例仅为15%,但第三方未来预留面积占比已提升至48%。

瑞信指,公司对外扩张步伐不断加快,相信管理层可完成未来三年内收入复合增长30%目标,但仍落後於投资者预期;考虑毛利率预测下调,将保利物业2021至2022财年盈利预测下调4.8%及6.9%,目标价由68.28元降至57.91元,维持「跑赢大市」评级。

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