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恆大物業(6666.HK)獲國際大行追捧 野村:目標價18.5港元
格隆匯 05-20 15:18

格隆匯5月20日丨隨着強勁的發展勢頭逐步展現,恆大物業吸引了越來越多投行的青睞。5月20日,知名國際投行野村證券發佈研究報吿,首次給予恆大物業“買入”評級,目標價18.5港元。

野村認為,背靠母公司恆大集團巨量的項目資源,恆大物業內生規模增長快速。此外,鑑於恆大物業強大的執行力和品牌知名度,公司第三方外拓規模有望迅速擴張,2020-2023年在管面積年複合增長率將達50%以上。

針對業內重點關注的增值服務方面,野村表示,依託恆大集團的多元產業佈局,恆大物業社區增值服務增長潛力巨大,房地產代理服務、保險經紀服務以及家庭裝修和家居服務將成為重要增長點,預計2020-2023年公司社區增值服務收入年複合增長率為47%。

基於規模的高速增長,野村預計2020-2023年恆大物業淨利潤年複合增長率將達50%,處行業領先水平。反映在估值上,野村認為,恆大物業2022年市盈率料達19.2倍,低於同期業內平均21倍的市盈率,潛在漲幅達34%。

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