《大行報告》里昂:市場憂增值服務收入分成和社保監管 物管股呈過度調整
里昂發表研究報告指,近日內地物管股出現較大調整,相信是由於市場擔憂當局加大對增值服務的規管,及要求企業提高對員工的社保及培訓。
住建部等八部門日前刊發持續整治規範房地產市場秩序的通知,表示將對房地產開發、物業服務等領域進行全面排查,包括規範物業項目中公用地方的經營,例如小區中的廣告收入分成等。里昂指,相關通知符合當局去年提出的大方向,指出公用空間業務佔主要物管商去年收入僅0.5%至5.2%,相信影響不大,其他社區增值服務亦未見受影響。
至於社保監管方面,該行認為各物管商應符合當局要求,為旗下員工提供法例訂明的保障,即使涉及外判員工,開支亦只影響業績較小部分。
里昂認為市場是過分憂慮,碧桂園服務(06098.HK)管理層均維持長期增長目標,上半年發展趨勢符合預期,因此未感擔憂。里昂對碧桂園服務、旭輝永升服務(01995.HK)、綠城服務(02869.HK)及融創服務(01516.HK)予「買入」評級,目標價分別為98.8元、26.6元、14.6元及34.2元。
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