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美銀證券:料物管股短期催化劑有限 行業首選為碧桂園服務及雅生活服務
格隆匯 05-03 15:53

美銀證券發表的研究報吿指,今年以來該行覆蓋的物管股平均升三成,認為短期催化劑有限,除非政策上有驚喜以及有重大併購等。該行指出大型物管股現價相當於2022年預測市盈率26.7倍,而中小型物管股現價則相當於2022年預測市盈率14倍,近期上市的公司或受惠獲指數納入,但短期缺正面催化劑。

該行的調查顯示,今年首季的面積增長符預期或輕微落後於全年目標,懷疑是否所有物管企業均能滿足到其進取的增長目標,主要因為第三方市場擴張規模或較細,不過行業併購的估值相對仍合理。該行的估算較企業未來三至五年的增長目標低約5%,將物管股目標價調整16-21%,以反映部分增長較高,以及受競爭影響併購相關開支較高。

該行將綠城服務(2869.HK)評級降至“中性”,主要考慮其估值及合約面積目標完成進度較慢,首選為碧桂園服務(6098.HK)及雅生活服務(3319.HK),認為碧桂園服務有較強的執行往績,而雅生活估值則較低,維持中海物業(2669.HK)“跑輸大市”評級,認為公司難達到管理層提出的增長目標。

該行追蹤的主要物管企業2021年合約面積增長目標均逾50%,據其調查顯示,進展大致符預期,不過部分則稍慢於其目標,料仍可透過併購補足。另外世茂服務(0873.HK)雖然跑贏其招標目標,不過首季在併購方面則較平靜。

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