《大行報告》野村:萬科(02202.HK)分拆較預期快 維持「中性」評級
野村發表研究報告指,萬科(02202.HK)宣佈計劃分拆物業管理業務萬物雲空間科技來港上市,步伐較預期中快。
報告指出,萬物雲2020財年錄得收入及淨利潤分別爲180億及14億元人民幣,假設收入增長30%,淨利潤率維持約8%,預期2021財年該公司淨利潤將達到約19億元人民幣。野村指出,萬物雲盈利水平爲內地物管行業中最低,2020財年淨利潤率僅8%,爲同業平均水平的一半。
野村又指,假設萬物雲的估值爲2021財年預測市盈率的45至50倍,其市值將達到1,040億至1,160億港元,預期市值佔萬科目前市值的約53%至59%,但計及其領先市場地位和創新業務性質,實際市值可能遠高於預期,維持對萬科的「中性」評級及目標價30.1元。
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