《大行報告》摩通下調雅生活(03319.HK)目標價至35元 評級「中性」
摩根大通發表報告指,雅生活(03319.HK)上半年核心淨利潤較該行預期高3% ,在各種稅收優惠下,有效稅率亦低於預期,再加上額外的併購假設,該行將雅生活2021年至2023年的盈利預測提高8%至9%。然而,由於市場對社會安全議題的日益關注,將目標價由38元下調至35元,評級「中性」。
摩通提到,雖然雅生活近期業績有紮實的改善,但市場對其定位普遍仍持謹慎態度,因為在2021年至2023年,雅居樂和綠地將只提供不多於20%的新增在管面積,其餘的將來自於第三方競標和併購,市場對有關執行的不確定性越來越高。此外,由於公共建築的合同期一般較短,市場亦對其公共建築的發展戰略產生折讓。
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