《大行報告》瑞信升綠城服務(02869.HK)評級至「跑贏大市」 目標價上調至13.06元
瑞信發表的研究報告指,綠城服務(02869.HK)去年淨利按年升42%至7.62億元人民幣(下同),分別較該行及市場預期高9%及14%,毛利率改善1個百分點,而淨利潤率則改善1.3個百分點,宣派特別息每股8港仙。
管理層指引未來五年收入增長將達五倍,意味到2025年收入將達500億元,年複合增長達38%,其中基本服務、社區增值服務,諮詢服務及科技業務收入的年複合增長將分別為30%、50%、35%及75%,在收入中的貢獻則料將分別為60%、25%、10%及5%。
瑞信稱,公司在外部擴張方面一向有較好往績,管理層亦料將加快相關速度,考慮到每年淨增1.6億平方米,料到2025年合約面積將增加至13億平方米,而2021至2025年管理面積則料每年增1.3億平方米。
該行將公司2021至2022年盈利預測升16.5%及21.5%,目標價由9.37元升至13.06元,評級由「中性」升至「跑贏大市」,以反映增長前景較快。
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