建银国际：重申正荣服务(6958.HK)“跑赢大市”评级，目标价7.30港元
建银国际发研报，重申正荣服务(6958.HK)“跑赢大市”评级，目标价7.30港元。主要内容如下：
2020年度业绩强劲：
正荣服务发布2020年度报告，业绩强劲。全年营收同比增长54%达人民币约11亿元，其中物业管理服务收入增长42%，非业主增值服务增长58%，社区增值服务同比增长80%。
正荣服务毛利率提升0.6个百分点至34.8%，主要由于收入结构的变化。
物业管理服务、非业主增值服务及社区增值服务的毛利率分别为23.2%、32.6%、67.3%。一般性支出及管理支出的费用率降低0.8个百分点至12.7%。净利润增长63%至人民币1.72亿元，略低于预期。
公司宣布派发末期股息每股0.082港元，派息比率为42%，高于建银国际此前预测的35%。
多元化业态：正荣服务在项目规模、物业业态及来源方面均实现高质量增长。正荣服务合约建筑面积同比增长136%，达到8,740万平方米，在管建筑面积同比增长80%，达到4,128万平方米，较预期分别增长30%和3%。管理层的目标是于2021年实现合约建筑面积和在管建筑面积分别拓展至10,000万平方米及7,000万平方米，以及于2020-2023年实现50%的复合年增长率。2020年，公司的非住宅物业在管面积增长120%至1,820万平方米，占总建筑面积的44%（较2019年增长9个百分点）及物业管理服务收入的37%，反映出管理层多元化布局的战略。正荣服务还拥有强劲的第三方外拓能力，其中64%的在管建筑面积和42%的收入均来自于第三方物业。
深度估值：尽管正荣服务是众多于香港上市的中型物业管理公司之一，但正荣服务在第三方扩张方面拥有良好的往绩记录，并获得了合作开发商，例如正荣地产（6158 HK）的大力支持。正荣服务2022年预测市盈率为11倍，建银国际认为严重低估。重申”跑赢大市”评级，目标价为HKD7.30。
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