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富瑞:料物管行業增長延續 看好融創服務等股

富瑞發表研究報吿指,內地物業管理行業在毛利率及收入組合改善下,上半年盈利表現優於預期,預料受益於業務規模加快擴張、收入來源趨多元化及更好的盈利能力,物管公司未來將維持強勁增長。不過,近期市場氣氛欠佳,加上欠缺利好消息刺激,預料物管股在短期內仍維持窄幅波動。該行繼續看好物管行業,並建議關注高增長、高質素、高盈利能見度的“三高”企業,包括碧桂園服務、融創服務、合景悠活和新城悦服務,分別予目標價85.59港元、30.68港元、10.82及31.49港元。

報吿估計,政府支持物管業的取態將會持續,整體行業在下半年規模料快速擴張並加快市場融合。該行又預料,受豐富的儲備渠道及積極的併購或招標等支持,14家主要的物管公司在今年將保持少於45%的總樓面面積增長;總市場份額將上升至超過10%;非住宅業務貢獻將上升至約35%。

報吿強調,物管業的市場競爭將更趨激烈,料企業將持續向多方面渠道拓展,業務重心由其母公司擴張至其他第三方客户,重申母企的強大背景、優良的商譽和服務質素均是中標第三方客户合約的關鍵。

該行表示,行業首選依然是碧桂園服務以及融創服務,認為它們執行力強,同時在高線和低線城市都具有領導地位;而合景悠活和新城悦服務透過加強招標能力,均有潛質獲重新評級。但保利物業和中海物業的前景模糊,且增長跑輸其他同業,故對其保持謹慎態度。

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