《大行報告》大和上調中海物業(02669.HK)目標價至8.4元 評級「跑贏大市」
大和發表的研究報告指,中海物業(02669.HK)宣布去年淨利按年升30.2%至7億元,較該行預測高6%,期內淨利增長亦高於收入增長,主要因為銷售及行政開支有所下降,另外亦受惠稅務因素利好,公司宣派末期息每股6.4港仙,意味派息比率為30%。
該行認為公司正努力重拾投資者的信心,並首次提出未來數年的目標,認為屬正面舉措,不過現時仍未知公司能否達標,故維持評級「跑贏大市」,目標價由7.9元升至8.4元。
該行指出公司毛利率維持穩定於18.3%水平,而2019年則為20%,其中物管及增值服務毛利率分別為16.1%及24.6%,留意到物管方面毛利率按年穩定,不過增值業務毛利率則有所下降,相信是受市場擴張的價格競爭影響,加上疫情對住宅及非住宅分部均有影響。
截至去年底公司在管面積增20.4%至1.82億平方米,並繼續擴張第三方項目,估計公司於第三方的擴張將為2021年及以後的收入帶來貢獻。公司目標2021-25年核心營運指標的年複合增長為30%,而淨利增長將跑贏收入增長,反映中海物業毛利率、銷售、一般及行政開支以及未來五年管理費均有改善,同時公司目標到2025年將有50%管理面積是來自第三方,意味未來在這方面將有快速擴張。(el/u) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.