《大行報告》大和上調碧桂園服務(06098.HK)目標價至94.2元 評級「買入」
大和發表的研究報告指,碧桂園服務(06098.HK)上半年收入按年增84%至115.6億元人民幣(下同),期內淨利按年增61%至21.1億元,均高於之前的盈喜。該行認為公司在各個分部均有強勁增長,而新服務亦帶來貢獻。公司的城市服務及商業營運服務亦開始有收入,上半年整體毛利率33.4%,較去年上半年有所回落,主要因為整合城市服務業務以及去年同期因疫情錄一次性社保扣減等。
該行認為公司仍然是行內首選,看好其盈利可見性較高等,將公司2021-23年每股盈測升2-5%,以反映收入增長強勁,重申「買入」評級,目標價由92港元升至94.2港元。
大和指出公司上半年於第三方項目擴張方面繼續有改善,第三方項目中標率達54%,而二手第三方項目亦增展176%,計及新收購的藍光嘉寶公司合約面積及收費面積分別達11.2億平方米及5.59億平方米,當中有逾45%為第三方項目。
考慮到社區增值服務,公司覆蓋六項主要業務,估計未來數年將有快速增長,而在城市服務方面公司於去年下半年收購兩家公司,增加了96個項目,上半年年度合約總值11.2億元,同時新的商業營運服務管理層亦認為有潛大市場潛力,長遠收入可達100億元。
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