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弘陽服務(01971.HK)獲招銀及建銀給予"買入"及"跑贏大市"評級
格隆匯 08-23 15:45

2021年8月23日,深耕長三角地區、增長迅速的綜合社區服務供應商弘陽服務集團有限公司("弘陽服務"或"集團",股份代號1971)獲招銀國際及建銀國際分別給予"買入"及"跑贏大市"評級,目標價分別為9.37港元及6.60港元。

招銀國際認為,公司2021年上半年來自第三方的在管建築面積上升至60%(2020年上半年為37%),覆蓋範圍更廣,包括產業園,醫院及學校。預計到2023年,來自第三方的貢獻將達到70%。另一方面,集團的併購增長加快,成功收購武漢匯得行和高力物業80%的股權,預計於2021年收入達到人民幣1.29億元。此外,社區增值服務在2021年上半年增長230%,帶動了收入增長和利潤率提升。招銀國際認為弘陽服務的估值具有吸引力。

建銀國際認為弘陽服務的估值被嚴重低估,鑑於其2021年中期業績經調整溢利同比增長71.2%。由於有效的成本控制、技術提升、業務組合改進以及單位物業管理費的增加,毛利率上升2.6個百分點至28.9%。公司的業務發展更加平衡,還將通過全覆蓋的生活服務加速提升其社區增值服務。

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