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《大行报告》里昂上调绿城服务(02869.HK)目标价至15.4元 评级「买入」
阿思达克 03-31 10:18
里昂发表的研究报告指,绿城服务(02869.HK)目标2020-25年收入年复合增长为38%,认为公司对其增长势头变得更乐观,虽然竞争激烈,不过公司预留楼面面积进一步扩张了5,110万平方米,反映了其外部增长能力,管理层目标2021年新增合约楼面面积1.5亿平方米(对比去年为9,600万平方米),将更进取地进占现有市场和公共楼宇,而新增管理面积目标则为6,500-7,000万平方米(对比去年为3,810万平方米),其中包括1,500-2,000万平方米是来自现有的市场。公司的社区生活服务透过与同业合作亦有成果,在物业中介及新零售方面亦具协同效益。

去年公司核心净利润率扩张至6.6%,管理层目标今年净利润率再升至7.5%,长远目标则为7-10%,认为科技有助节省成本等,同时透过云端化销售、一般及行政开支亦有空间节省。该行将公司2020/21年核心净利预测升0.8%及4.6%,目标价由12.7元升至15.4元,重申「买入」评级,认为是行内首选之一,强调其外部扩张能力强劲,加上具品牌优势等。

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