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富瑞:料物管股增長勢頭將持續 首選碧桂園服務等4股
格隆匯 04-08 13:29

富瑞發表行業報吿指,中國物管公司去年業績令人意外,尤其是毛利率及利潤增長強勁,預期物管公司強勁的增長勢頭將持續,相信隨着規模迅速擴張,將加快行業整合、更多元化的收入來源及更好的盈利質素,故仍看好板塊,並建議收集短期有良好催化劑的“三高”股份,首選碧桂園服務(6098.HK)、融創服務(1516.HK)、合景悠活(3913.HK)及新城悦服務(1755.HK),目標價分別為89.82港元、30.78港元、10.02港元、34.78港元。

富瑞表示,隨着政策持續利好,認為今年的主題將是通過第三方項目的競爭及尋找新的中期收入動力,以擴大規模。其中,大多數物管公司目標今年管理面積增長約40%,以提高其市佔率逾一成;由於物管公司儲備充足和積極進行併購,認為相關目標合理,並預期非住宅貢獻將上升至35%左右。

該行又指,隨着規模快速增長,物管公司對多項擴展渠道持開放態度,並由母公司項目轉移至第三方。同時收入來源將多樣化,預期增值服務收入在2020至23年複合增長率為40%;另外,良好的營運成本控制將使純利率每年提高約1個百分點,並維持每股盈利約50%的複合增長率。

該行指,隨着行業估值持續分化,建議投資者挑選高增長、高質量和高盈利可見性的股份;並對保利物業(6049.HK)及中海物業(2669.HK)維持審慎看法,主因其前景模糊且增長低於同業。

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