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《大行報告》摩通下調旭輝永升服務(01995.HK)目標價至22元 評級「增持」
阿思達克 08-25 11:01
摩根大通發表的研究報告指,旭輝永升服務(01995.HK)上半年盈利升65%至2.83億元人民幣,較該行預測高11%,主要因為非社區增值服務貢獻高於預期,而新簽合約面積相當於全年目標的43%,意味進度在正軌上,而第三方投標則維持穩健,相信將繼續支持公司的估值溢價,維持「增持」評級,目標價由24港元降至22港元。 該行指出上半年公司非社區增值服務表現強過預期,而物業管理及社區增值服務的毛利增長亦大致符預期,非社區增值服務毛利增長更是高於預期。雖然來自非週期性業務的貢獻由去年的86%降至上半年的83%,不過比例仍在合理範圍。 該行指出由於較多貢獻是來自第三方合約,加上缺社保補助,該行估計物管業務利潤將有所縮窄,不過跌幅細過該行預期,而經調整淨利潤亦受惠銷售、一般及行政成本管控理想,經調整淨利潤率按年擴張至15.6%。(el/k) ~
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