《大行報告》瑞信下調雅生活(03319.HK)目標價至45.26元 評級「跑贏大市」
瑞信發表報告指,考慮到雅生活(03319.HK)早前配股的攤薄影響,降低了2021年至2023財年的每股盈利預測,加上開發商的經營環境充滿挑戰,決定下調對其目標價,由49.32元下調至45.26元,相當於2022財年市盈率16.4倍,維持「跑贏大市」評級。
瑞信指,在雅生活電話會議上,管理層給予目標收入和淨利潤的五年複合增長率均為超過30%指引,而基本服務、城市服務、社區增值服務將在2025年分別貢獻50%、15%至20%、15%至20%,而2021年上半年的有關比例分別為64%、3%、13%。另在管總建築面積目標為在2025年達到8億平方米,如果包括併購,則達到10億平方米。
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