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瑞銀:重申綠城管理控股(9979.HK)“買入”評級,目標價升至6港元
格隆匯 05-08 10:16

格隆匯5月8日丨瑞銀5月7日發研報,稱看好綠城管理控股(9979.HK),將其目標價由5.1港元提高18%至6港元,同時將2021年和2022年盈利預期分別提高5%和9%,以考慮到2021年一季度強勁的項目收購和較高的收入能見度。

瑞銀稱,儘管綠城管理控股一季度訂單完成了2020年全年的40%+,遠超預期,但房地產開發和物業管理板塊方面,市場並沒有反映其:來自政府實體、國有開發商和金融機構的增長潛力;以及低估值所帶來的機會,該股目前的市盈率為10.4倍2022E,明顯低於行業平均25.8倍的估值。

瑞銀認為,基於更高的盈利增長前景(預計2020-2023年27%的年複合增長率)和不斷增加的項目管理市場份額(預計2020-23年商業/政府項目管理收入的年複合增長率為32%/44%,淨利潤的年複合增長率為27%),綠城管理控股更高的估值是合理的。

瑞銀還稱,綠城管理有信心在2020-23年期間實現25%的新合同價值的複合年增長率,並保持超過60%的股息支付率。憑藉手中充裕的現金,公司還計劃投資發展產業鏈平台和併購。

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