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郭家耀: 港股乏催化劑料反覆 越秀服務(06626.HK)估值吸引可敲
正榮金融業務部副總裁郭家耀稱,美股上週五(18日)顯着向下,聯儲局官員表示或提早加息,不利大市氣氛,三大指數均錄得顯着跌幅收市。美元持續強勢,金價表現向下,油價低位有反彈,美國十年期債息回落至1.44釐水平。港股預託證券普遍下跌,預料大市早段跟隨外圍低開。內地股市上週五先跌後回穩,滬綜指低開高走,收市下跌不足1點,滬深兩市成交額明顯增加。

港股表現反覆回升,指數於28,500點以上水平爭持,指數換馬效應下,大市成交急增至超過2,000億元。整體市況缺乏方向,股份繼續傾向個別發展。短期缺乏利好因素刺激下,預料大市仍未有突破,指數將續於28,000至29,000點水平徘徊。

另越秀服務(06626.HK)爲領先綜合型物業管理公司,截至2020年底,集團的總在管面積爲3,260萬平方米,在管物業數量爲215個,其中有96.1%位於一線及二線城市。背靠越秀地產(00123.HK)、越秀集團及廣州地鐵三大國有股東,大大增強越秀服務競爭力。越秀服務主打「地鐵環境工程維護+地鐵物業管理運營」的複合型物業管理服務,擁有在管車輛段地鐵站線上蓋住宅及商業物業等業態。

越秀服務盈利增長能力強勁,毛利率及淨利率領先同業。2020年收入達11.68億元人民幣,按年增長約三成,純利約2.04億元人民幣,按年增長1.19倍。淨利潤率由2018年的6.2%大幅增加至2020年的17.4%,領先行業平均表現。公司已引入10名基石投資者,認購總額最多7.772億元的股份,佔全球發售總金額超過三成。公司業務前景樂觀,估值水平吸引,可考慮現金認購。

(筆者爲證監會持牌人,沒持有上述股份)~

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