《大行报告》瑞银上调碧桂园服务(06098.HK)目标价至95.9元 评级「买入」
瑞银发表的研究报告指,碧桂园服务(06098.HK)在能力、资源及执行往绩上均有强劲表现,加上在服务领域如新零售、社区团购及城市服务等均有扩张,估计公司市场份额及服务生态系统的协同效应将提升。自1月以来该行有覆盖的物管行业平均升40%,主要因为政策支持加价以及社区增值服务等,认为对碧桂园服务亦有利,将公司2022年盈利预测升6%,以反映城市服务增长等影响,目标价由71.4元升至95.9元,评级「买入」。
管理层指引2020-25年收入年复合增长将达50%,到2025年收入将逾1,000亿元人民币(下同),当中将有500亿元来自物管业务,300亿元来自社区增值服务,200亿元来自城市服务,150亿元来自写字楼管理。虽然对於未开展或只在初段的业务目标亦十分进取,部分增长可见性较低,或者需要依赖收购,不过该行对其目标看法正面,认为公司在新业务发展的执行上亦有往绩。
公司去年社区增值服务收入达17.31亿元,按年增长100%,并成第二大收入来源,认为增长快速主要因为公司客户达420万人,同时亦有继续改善渗透率、扩展服务类别等,另外公司项目密度较高亦有利发展社区增值服务,同时可建立声誉、加强经济效益及成本管理。
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