《大行报告》大和上调中海物业(02669.HK)目标价至8.4元 评级「跑赢大市」
大和发表的研究报告指,中海物业(02669.HK)宣布去年净利按年升30.2%至7亿元,较该行预测高6%,期内净利增长亦高於收入增长,主要因为销售及行政开支有所下降,另外亦受惠税务因素利好,公司宣派末期息每股6.4港仙,意味派息比率为30%。
该行认为公司正努力重拾投资者的信心,并首次提出未来数年的目标,认为属正面举措,不过现时仍未知公司能否达标,故维持评级「跑赢大市」,目标价由7.9元升至8.4元。
该行指出公司毛利率维持稳定於18.3%水平,而2019年则为20%,其中物管及增值服务毛利率分别为16.1%及24.6%,留意到物管方面毛利率按年稳定,不过增值业务毛利率则有所下降,相信是受市场扩张的价格竞争影响,加上疫情对住宅及非住宅分部均有影响。
截至去年底公司在管面积增20.4%至1.82亿平方米,并继续扩张第三方项目,估计公司於第三方的扩张将为2021年及以後的收入带来贡献。公司目标2021-25年核心营运指标的年复合增长为30%,而净利增长将跑赢收入增长,反映中海物业毛利率、销售、一般及行政开支以及未来五年管理费均有改善,同时公司目标到2025年将有50%管理面积是来自第三方,意味未来在这方面将有快速扩张。(el/u) ~
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