《大行報告》瑞銀上調碧桂園服務(06098.HK)目標價至95.9元 評級「買入」
瑞銀發表的研究報告指,碧桂園服務(06098.HK)在能力、資源及執行往績上均有強勁表現,加上在服務領域如新零售、社區團購及城市服務等均有擴張,估計公司市場份額及服務生態系統的協同效應將提升。自1月以來該行有覆蓋的物管行業平均升40%,主要因為政策支持加價以及社區增值服務等,認為對碧桂園服務亦有利,將公司2022年盈利預測升6%,以反映城市服務增長等影響,目標價由71.4元升至95.9元,評級「買入」。
管理層指引2020-25年收入年複合增長將達50%,到2025年收入將逾1,000億元人民幣(下同),當中將有500億元來自物管業務,300億元來自社區增值服務,200億元來自城市服務,150億元來自寫字樓管理。雖然對於未開展或只在初段的業務目標亦十分進取,部分增長可見性較低,或者需要依賴收購,不過該行對其目標看法正面,認為公司在新業務發展的執行上亦有往績。
公司去年社區增值服務收入達17.31億元,按年增長100%,並成第二大收入來源,認為增長快速主要因為公司客戶達420萬人,同時亦有繼續改善滲透率、擴展服務類別等,另外公司項目密度較高亦有利發展社區增值服務,同時可建立聲譽、加強經濟效益及成本管理。
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