《大行報告》瑞銀上調金科服務(09666.HK)目標價至83.8元 評級「買入」
瑞銀發表研究報告指,金科服務(09666.HK)目標2025年收入可增長10倍,預期公司將增加於各地佈局,提升項目密度,並加大對社區增值服務、公共服務及專業服務等業務的投入,目標成為中西部最大物業管理商。
管理層制定今年淨利潤按年增長80%的目標,預期今年將新增管理面積8,000萬平方米,當中第三方項目佔約75%,並目標2022年新增1億平方米。瑞銀認為目標可期,未來將通過收購及母公司支持已達成目標,預期收購對象包括物業管理公司、社區增值服務提供商及智能科技企業。
該行指,金科服務去年捨棄部份低質量及盈利空間較細的項目,以增強整體盈利能力,管理層透露未來未有其他處置計劃,預期至2025年社區增值服務收入佔比可由目前的38%提升至50%,推動集團盈利增長。
瑞銀予「買入」評級,目標價由80.7元上調至83.8元,預期其2020至2022年淨利複合年增長率可達68%。
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