《大行报告》瑞银上调金科服务(09666.HK)目标价至83.8元 评级「买入」
瑞银发表研究报告指,金科服务(09666.HK)目标2025年收入可增长10倍,预期公司将增加於各地布局,提升项目密度,并加大对社区增值服务、公共服务及专业服务等业务的投入,目标成为中西部最大物业管理商。
管理层制定今年净利润按年增长80%的目标,预期今年将新增管理面积8,000万平方米,当中第三方项目占约75%,并目标2022年新增1亿平方米。瑞银认为目标可期,未来将通过收购及母公司支持已达成目标,预期收购对象包括物业管理公司、社区增值服务提供商及智能科技企业。
该行指,金科服务去年舍弃部份低质量及盈利空间较细的项目,以增强整体盈利能力,管理层透露未来未有其他处置计划,预期至2025年社区增值服务收入占比可由目前的38%提升至50%,推动集团盈利增长。
瑞银予「买入」评级,目标价由80.7元上调至83.8元,预期其2020至2022年净利复合年增长率可达68%。
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