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摩通:予碧桂園服務(6098.HK)“增持”評級 目標價85港元
格隆匯 09-29 14:35

摩根大通發表研究報吿指,碧桂園服務(6098.HK)以最高33億元(人民幣,下同)收購彩生活(1778.HK)所持從事內地物業管理業務的鄰里樂控股全部股權。 摩通表示,若以行業併購10至14倍平均市盈率作指標,有關作價可以説合理,該行予碧桂園服務“增持”評級,目標價85港元。

該行認為,市場或預期交易價格會更低,儘管這兩項核心資產的質量應該更高並且值得溢價,但從表面上看,碧桂園服務似乎支付溢價逾70%。 從另一個角度來看,該行估計,彩生活購買這兩項資產時的綜合市盈率為8.1倍。 因此,以10.7倍市盈率計算,集團似乎支付了逾30%以上的溢價。假設鄰里樂控股的純利持平,對碧桂園服務2022及23年的純利影響將分別為5%及4%。 

另外,扣除富力和鄰里樂控股的最高對價後,碧桂園服務仍將有85億元人民幣現金,將可滿足其進一步收購。摩通指,年初至今,碧桂園服務收購的所有公司都是由有流動性問題的開發商支持的公司,這表明將物業管理子公司貨幣化是陷入困境的開發商收回部分現金的可行方式,亦相信這些小型房地產公司有考慮被收購的動機。 

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