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建銀國際:重申正榮服務(6958.HK)“跑贏大市”評級,目標價7.30港元
格隆匯 04-01 12:01

建銀國際發研報,重申正榮服務(6958.HK)“跑贏大市”評級,目標價7.30港元。主要內容如下:

2020年度業績強勁

正榮服務發佈2020年度報吿,業績強勁。全年營收同比增長54%達人民幣約11億元,其中物業管理服務收入增長42%,非業主增值服務增長58%,社區增值服務同比增長80%。

正榮服務毛利率提升0.6個百分點至34.8%,主要由於收入結構的變化。

物業管理服務、非業主增值服務及社區增值服務的毛利率分別為23.2%、32.6%、67.3%。一般性支出及管理支出的費用率降低0.8個百分點至12.7%。淨利潤增長63%至人民幣1.72億元,略低於預期。

公司宣佈派發末期股息每股0.082港元,派息比率為42%,高於建銀國際此前預測的35%。

多元化業態:正榮服務在項目規模、物業業態及來源方面均實現高質量增長。正榮服務合約建築面積同比增長136%,達到8,740萬平方米,在管建築面積同比增長80%,達到4,128萬平方米,較預期分別增長30%和3%。管理層的目標是於2021年實現合約建築面積和在管建築面積分別拓展至10,000萬平方米及7,000萬平方米,以及於2020-2023年實現50%的複合年增長率。2020年,公司的非住宅物業在管面積增長120%至1,820萬平方米,佔總建築面積的44%(較2019年增長9個百分點)及物業管理服務收入的37%,反映出管理層多元化佈局的戰略。正榮服務還擁有強勁的第三方外拓能力,其中64%的在管建築面積和42%的收入均來自於第三方物業。

深度估值:儘管正榮服務是眾多於香港上市的中型物業管理公司之一,但正榮服務在第三方擴張方面擁有良好的往績記錄,並獲得了合作開發商,例如正榮地產(6158 HK)的大力支持。正榮服務2022年預測市盈率為11倍,建銀國際認為嚴重低估。重申”跑贏大市”評級,目標價為HKD7.30。

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