《大行報告》中金:碧桂園服務(06098.HK)作年內第三宗大型併購 指收購價格合理
中金髮表報告,指碧桂園服務(06098.HK)堅定執行「大物業」下的行業整合戰略,積極把握機會,認爲物業管理行業整體發展當前仍處於較爲初級階段,隨着頭部公司戰略的堅定執行,市場集中度和業務能力建設速度有望持續超預期,公司收入和利潤增長可持續性高,維持碧桂園服務「跑贏行業」評級,目標價88港元,對應40倍2022年市盈率。
中金指,碧桂園服務年初至今已落地三宗大型收併購,累計涉及總交易對價約211億元人民幣(下同),在管面積約2.8億平方米,合約面積約4.4億平米。
該行看好公司的戰略定力和執行力,同時認爲其現金資源充足,能夠支撐其整合戰略,預計公司已公告的大型收併購下半年現金流支出略超110億元,而其2021年中期資產負債表上現金有218億元。 另外,公司下半年的淨利潤和經營性現金流入也能提供現金補充。
中金基本維持對碧桂園服務全年盈利預測不變,預計2021年和2022年純利分別爲40.3億和58.7億元,按年增長50%和46%。
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