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《大行報告》瑞信下調雅生活(03319.HK)目標價至16.37元 評級「跑贏大市」
阿思達克 03-07 10:20
瑞信發表研究報告指,雅生活(03319.HK)日前發盈喜,預期2021年純利將按年增長約30%,較市場預期及該行預測分別低4%及9%,剔除外延增值服務業務影響,純利預計按年增長不少於40%。 瑞信預計,雅生活截至2021年底管理建築面積將增加1億平方米至4.75億平方米,按年增長27%,並相信公司於第三方業務的滲透仍保持良好勢頭,新簽約建築面積將達到7,000萬平方米。 該行又指,去槓桿將令今年外延增值服務持續減少,若私人市場併購交易估值相對於雅生活處於溢價,料今年併購將減少,預測今明兩年管理建築面積按年增速將放緩至13%。 考慮到管理面積、外延增值服務收入及毛利率預期均下降,瑞信將雅生活2021至2023財年盈利預測下調9%至33%,基於2022年預測綜合市盈率7.5倍,目標價下調至16.37元,維持「跑贏大市」評級。
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