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《大行報告》摩通下調萬科(02202.HK)目標價至20元 評級「中性」
阿思達克 11-08 10:16
摩根大通發表研究報告指,萬科(02202.HK)宣布將分拆物管業務萬物雲來港上市,上市後將繼續保持對萬物雲的控股權,以同業此前宣布分拆後的股價表現作參考,預期今次宣布分拆對萬科的股價僅有輕微正面影響。 該行表示,假設2022至2022年盈利年複合增長率50%及2022年預測市盈率達30倍,估計萬物雲的估值可能達150億美元,其歸屬估值佔萬科目前市值的30%。 摩通表示,由於分拆前的物管業務通常佔母公司淨利潤僅5%以下,因此市場通常對以實物分派的分拆反應更正面,而對於萬物雲等分拆後仍然合併到母公司的物管商,投資者反應通常相當溫和,因此對萬科給予「中性」評級,認為萬科的淨負債率在行業中為較低水平,資產負債表相對強勁,但市場挑戰下盈利有下行壓力,將目標價由22元降至20元。
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