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《大行报告》瑞银上调绿城管理控股(09979.HK)目标价至6元 评级「买入」
阿思达克 05-10 09:46
瑞银发表的研究报告指,对绿城管理控股(09979.HK)管理层看法维持正面,将公司目标价升18%,由5.1元上调至6元,评级「买入」,并将2021及2022年盈测分别升5%及9%,以反映今年首季项目收购表现强劲,及收入可见度增加。虽然今年以来公司股价表现跑赢物业开发及物管行业,不过该行认为现价仍未反映在政府机构、国有发展商及金融机构方面的增长潜力,另外市场对新业务机遇的研究亦不足,认为公司高估值属合理,主要因为其盈利增长前景较高,料2020至2023年净利年复合增长将达27%,而且可见性亦高於以前,估计公司在项目管理方面市场份额将提升。

报告引述公司管理层估计来自政府机构、国有开发商等的项目管理增长潜力将较高,同时认为长远金融机构将成其项目管理客户。公司有信心2020至2023年新签合同价值的年复合增长将达25%,并可维持逾六成的派息比率。考虑到其在手现金,公司计划投资於产业链平台发展及并购,同时亦计划开展项目管理相关服务。

截至2021年3月公司新签项目价值达23.4亿元人民币,相当於去年新增规模的四成,远高於原先计划,相信公司增长势头强劲、收入可见度提升。另外截至去年底商业项目管理未入帐收入达120亿元人民币,该行料2020至2023年公司商业及政府项目收入年复合增长将分别达32%及44%。

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