《大行報告》瑞信降保利物業(06049.HK)目標價至57.91元 評級「跑贏大市」
瑞信發表研究報告指,保利物業(06049.HK)去年度淨利潤按年增長37%,較該行及市場預期低3%及4%,毛利率亦放緩至18.7%。
撇除公共服務業務,保利物業去年在管面積增長22%至1.79億平方米,推動管理業務收入增長23%。管理層制定未來三年收入複合增長30%的目標,並預期盈利可複合增長20%至30%。該行指出,不包括公共服務,現時預留面積有約1.68億平方米,相當於2020年底的管理建築面積為0.94倍,計及傳統物業管理領域一直加快向外擴張,雖然目前來自第三方的管理面積比例僅為15%,但第三方未來預留面積佔比已提升至48%。
瑞信指,公司對外擴張步伐不斷加快,相信管理層可完成未來三年內收入複合增長30%目標,但仍落後於投資者預期;考慮毛利率預測下調,將保利物業2021至2022財年盈利預測下調4.8%及6.9%,目標價由68.28元降至57.91元,維持「跑贏大市」評級。
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