《大行報告》高盛降中海物業(02669.HK)評級至「沽售」 目標價維持7.9元
高盛發表的研究報告指,今年以來每股盈測上行帶動中海物業(02669.HK)估值向上,不過公司在執行包括併購、資產管理及2C增值服務在內的增長策略方面進展有限,特別是今年以來公司股價升99%,而該行覆蓋的物管企業平均僅升27%,升幅僅次於世茂服務(00873.HK),認爲現時公司估值相對同業存40%溢價,與最接近的國企同業比較亦有20%溢價,與增長軌道類近的雅生活(03319.HK)比較更存在逾80%溢價,認爲公司未建立到足夠競爭力支撐其估值,將評級由「中性」降至「沽售」,目標價降至7.9元,意味2%潛在下行。
該行指出2021年初,公司分享了2021-25年的年度增長指引爲30%,不過其「一體兩翼四驅」策略執行進展有限,而如何達到增長指引的資訊亦有限,認爲其盈利目標有挑戰,該行的盈利增長預測排行內中海物業屬行內尾段,認爲隨着競爭加劇,尤其是2023年後公司能否維持或達到增長目標的不確定性增加,料今年公司盈利增長將減慢至25%,而2022年及23年則料會減慢至22%。(el/u) ~
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