瑞信:綠城管理控股(9979.HK)發盈喜,收入增長的可見度提高,上調目標價至6.82港元並維持“跑贏大市”評級
格隆匯6月23日丨瑞信今日發研報指,綠城管理控股(9979.HK)6月22日發盈喜,預計2021財年上半年純利同比增長不低於70%。瑞信認為,在充滿挑戰的營商環境下,小型/本地開發商對優質的項目管理服務的需求將不斷上升,而綠城管理將憑藉其良好的過往業績從中獲益更多。此外,綠城管理控股在政府/國有企業項目中具有強勢地位,也使其不易受到房地產市場不確定性的影響。瑞信預計公司2021財年新訂單將同比增長20%,達到70億元人民幣,其中33%是在第一季度完成的,超預期的訂單擴張進一步提高了公司收入增長的可見度。在更高的利潤率假設下,瑞信將綠城管理控股2021-23財年的盈利預期提高了5-12%,據該行預測,公司在2020- 23財年的複合年增長率為26%。瑞信將其估值基準延後至2022財年,基於16倍市盈率,將目標價由4.75港元上調至6.82港元,維持“跑贏大市”的投資評級。
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