You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩降物管股目標價 首選保利物業(06049.HK)及華潤萬象生活(01209.HK)
摩根士丹利發表研究報告指,即使物管股上半年業績強勁,內房行業去槓桿及流動性憂慮續壓抑物管股股價表現。該行籲等待內房股催化劑,以期物管股股價跟隨反彈。 報告稱,上半年大部分物管股第三方擴張強勁,正邁向達成全年目標。在第三方新增合約樓面中,約50%來自非住宅項目,12%來自二手住宅項目,上述非住宅及二手住宅項目毛利率(約10-15%)通常較一手樓(25-30%)為低,中期而言或對物管股帶來毛利率壓力,但可透過持續自動化及管理效率改善所部分抵銷。 大摩上調所覆蓋物業股今年盈測平均2%,以反映上半年業績稍勝預期,以及新增城市服務業務,明後兩年盈測大致不變。該行下調物管股估值基礎,由明年預測平均市盈率29倍降至25倍,撇除保利物業(06049.HK)外,相應下調目標價介乎10%至32%(詳見另表),以反映物管股母企合約銷售增長及買地放緩,將影響物管股管轄面積增長展望;2023年起盈利增長料正常化,介乎20%至30%,低於2021至2022年料介乎40%至59%的增幅。 該行上調保利物業投資評級,由「與大市同步」升至「增持」,主因母企國企背景強勁,無流動性憂慮;中期盈利增長清晰高,料介乎20%至30%;現估值相當於明年預測市盈率19倍,並不高昂。該行首選保利物業及華潤萬象生活(01209.HK),因具強大母企支持,具國企背景,盈利增長穩健及毛利展望穩定。 報告稱,物管板塊自7月以來平均回調約30%,主因對物管行業政策憂慮;社保不確定性;第三方擴張競爭加劇;內房行業去槓桿及流動性憂慮。該行不預期物管板塊迎來嚴厲政策收緊,等待正面催化劑,包括內房流動性憂慮紓緩;以及今年底市場對物管股預測由2022年延伸至2023年。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account