《大行報告》中金:碧服(06098.HK)堅持五年目標 重視賬款回收 維持「跑贏行業」評級
碧桂園服務(06098.HK)今日股價受捧,最新報38.65元抽高16.8%。中金近日發表報告表示,碧桂園服務堅持原有發展戰略、維持2025年千億人民幣營收目標不變,略調整業務分拆至基礎物業500億人民幣、社區增值服務300億人民幣、城市服務150億人民幣、商業營運100億人民幣。2022年公司將賬款回收工作提升至重要高度、配合相關流程指導和嚴格考覈指標,同時積極推動被收併購公司的經營整合,以期優化資產負債表。
該行預計,碧桂園服務當前無形資產期末餘額對應2022年至2023年攤銷額將達到約11億人民幣,因此分別下調對其2022年至2023年歸母淨利潤均13%,各至54.6億元和73.5億人民幣,對應按年均增長35%。
中金錶示,若在此口徑上加回無形資產攤銷等調整科目,對應碧桂園服務調整後淨利潤爲64.8億人民幣和84.3億人民幣,按年各增41%和30%。該行維持對碧桂園服務「跑贏行業」評級,下調目標價34%至50元,對應2022年預測市盈率26倍。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.