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《大行報告》摩通下調綠城服務(02869.HK)目標價至7.5元 評級「減持」
阿思達克 08-30 10:35
摩通發表的研究報告指,儘管綠城服務(02869.HK)上半年淨利按年增長43%,公司經營溢利僅升22%,認為仍有不確定性阻礙該行改變對其看法,其中包括公司僅完成目標的30%,而行業平均為55%,加上收入增長亦低於指引,上半年僅按年升27%,低於公司的2020-25年年複合增長38%的目標。另一方面,在公司自去年次季以來均無併購,認為達到收入指引的目標較低,而公司亦有最大機會受社保影響,因此對綠城服務維持審慎看法,將公司目標價由11元降至7.5元,評級「減持」。 該行指出上半年公司核心溢利按年增長43%至4.42億元人民幣,較該行預測高15%,不過經營溢利僅按年升22%,而上半年收入增長27%已稍慢於其五年收入目標指引,相信要達到目標就需併購,不過自去年次季以來公司併購活動非常淡靜。 另一方面,公司目標今年總物業面積增長1.5億平方米面積,不過上半年僅增4,600萬平方米,相當於其目標的30%,而同業平均達到目標的55%,假如計及下半年發展商提供面積,鎖定比率僅33%,跑輸行業平均的68%,公司下半年需要增加1.04億平方米面積才可達到目標,認為有風險未能達成。(el/u) ~
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