《大行報告》瑞銀上調綠城管理控股(09979.HK)目標價至6元 評級「買入」
瑞銀發表的研究報告指,對綠城管理控股(09979.HK)管理層看法維持正面,將公司目標價升18%,由5.1元上調至6元,評級「買入」,並將2021及2022年盈測分別升5%及9%,以反映今年首季項目收購表現強勁,及收入可見度增加。雖然今年以來公司股價表現跑贏物業開發及物管行業,不過該行認為現價仍未反映在政府機構、國有發展商及金融機構方面的增長潛力,另外市場對新業務機遇的研究亦不足,認為公司高估值屬合理,主要因為其盈利增長前景較高,料2020至2023年淨利年複合增長將達27%,而且可見性亦高於以前,估計公司在項目管理方面市場份額將提升。
報告引述公司管理層估計來自政府機構、國有開發商等的項目管理增長潛力將較高,同時認為長遠金融機構將成其項目管理客戶。公司有信心2020至2023年新簽合同價值的年複合增長將達25%,並可維持逾六成的派息比率。考慮到其在手現金,公司計劃投資於產業鏈平台發展及併購,同時亦計劃開展項目管理相關服務。
截至2021年3月公司新簽項目價值達23.4億元人民幣,相當於去年新增規模的四成,遠高於原先計劃,相信公司增長勢頭強勁、收入可見度提升。另外截至去年底商業項目管理未入帳收入達120億元人民幣,該行料2020至2023年公司商業及政府項目收入年複合增長將分別達32%及44%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.