《大行報告》里昂上調綠城服務(02869.HK)目標價至15.4元 評級「買入」
里昂發表的研究報告指,綠城服務(02869.HK)目標2020-25年收入年複合增長為38%,認為公司對其增長勢頭變得更樂觀,雖然競爭激烈,不過公司預留樓面面積進一步擴張了5,110萬平方米,反映了其外部增長能力,管理層目標2021年新增合約樓面面積1.5億平方米(對比去年為9,600萬平方米),將更進取地進佔現有市場和公共樓宇,而新增管理面積目標則為6,500-7,000萬平方米(對比去年為3,810萬平方米),其中包括1,500-2,000萬平方米是來自現有的市場。公司的社區生活服務透過與同業合作亦有成果,在物業中介及新零售方面亦具協同效益。
去年公司核心淨利潤率擴張至6.6%,管理層目標今年淨利潤率再升至7.5%,長遠目標則為7-10%,認為科技有助節省成本等,同時透過雲端化銷售、一般及行政開支亦有空間節省。該行將公司2020/21年核心淨利預測升0.8%及4.6%,目標價由12.7元升至15.4元,重申「買入」評級,認為是行內首選之一,強調其外部擴張能力強勁,加上具品牌優勢等。
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