《大行報告》瑞銀下調綠城服務(02869.HK)目標價至8.7元 評級「沽售」
瑞銀發表報告,綠城服務(02869.HK)股價在7月份累跌約22%,表現比同行差15個百分點。而公司預計2021年上半年核心利潤將按年增長15%至20%,是同行中最低,同行平均預測增長65%;該行並下調其估值基礎,由預先相當於明年預測市盈率由21倍降至19倍,目標價相應由9.6元下調至8.7元,評級「沽售」。
報告指,投資者認為,其數據庫可能沒有捕捉到綠城服務所有主要項目。因此根據公司披露的年度新簽約總建築面積再進行測試後,估計瑞銀的數據涵蓋了綠城服務在2018年至2020年的80%至90%一級住宅擴張,並加強了該行對該股的負面看法。
不過,瑞銀指仍然喜歡綠城服務的盈利質量,同時認為中長期的利潤率水平將取決於項目層面的利潤率趨勢,即對成本增長的控制以及提高收費和擴大增值服務的能力。
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