《大行報告》花旗下調碧桂園服務(06098.HK)目標價至80.8元 評級「買入」
花旗發表研究報告,估計碧桂園服務(06098.HK)到2023年的盈利年複合增長可達50%,主要受惠合約面積達11億平方米,而上半年新簽面積達8,000萬平方米,按年增31%,當中有56%非來自母公司。考慮到公司2025年達千億收入的可見性增加,維持「買入」評級,目標價由83元降至80.8元。
該行指出政策仍有支持而且對市場化正面,而公司亦指出物管經理可以參與社區管治、改善居民生活等,最近針對費用開支透明度等的指引亦與現時政府要求一致,而行業龍頭亦有跟隨。
該行指出上半年公司新簽面積8,000萬平方米表現強勁,反映公司有能力整合三、四線市場。而上半年增值服務利潤近翻倍,主要受惠社區媒體、生活服務等,公司亦計劃投資於其他小型增值服務及技術公司等,估計2021年潛在有10個夥伴。
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