《大行報告》野村下調綠城服務(02869.HK)目標價至10.8元 評級「買入」
野村發表報告,認爲綠城服務(02869.HK)未能達到2021財年盈利目標,意味着其執行力較弱。該行將2021和2022財年盈利預測分別下調8%和11%,即預測2020至2023財年間收入複合年增長率爲24%,核心盈利複合年增長率24%。野村將綠城服務目標價下調14%,由12.5元降至10.8元,但維持「買入」評級。
野村表示,綠城服務管理層於投資者電話會議上表示,預計2021年核心利潤將按年增長約20%,低於其之前預測的按年增長25%至30%,管理層提出2022年擴張目標,增長在管面積爲1.7億至1.8億平方米,合同收入金額60億元人民幣,即按年增長33%,此外管理層重申了公司在2020至2025財年的五倍收入增長目標。
野村認爲,綠城服務管理層目標似乎過於樂觀,因爲其執行力弱、併購進程停滯不前,若要實現五年目標,公司必須在2022至2025年期間,平均每年增加約1.7億平方米的在管面積,和超過1億平方米的在管資產規模,遠高於2021年記錄的增加1.25億平方米在管面積,預計2021年增加約5,000萬平方米在管資產規模。
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