《大行報告》美銀證券普遍降內地物管股目標價 市場或低估收入放緩情況
美銀證券發表研究報告指出,市場或低估了疫情及內房增值服務收入放緩的影響,加上樓市政策較令發展商受惠,因此在步入中期業績之際更看好內房股,而非物管股。
該行表示,考慮到開發商流動性持續緊張、季節性因素及疫情影響,預期應收賬款問題在今年上半年未必可以解決,因此將物管商2022至2024年盈利預測平均下調 7.5%至9%,並將目標價平均下調7%。
美銀預計,內地物管行業2022年盈利將增長12%,相對2021年的34%,升幅顯著放緩。如果中國房地產市場持續改善,將較為看好有強大母企提供新增建築面積的物管公司,包括中海物業(02669.HK)及保利物業(06049.HK),目標價分別為11元及65元。另外亦看好碧桂園服務(06098.HK),目標價降至50元,但繼續對碧桂園(02007.HK)的流動性問題感到擔憂;維持融創服務(01516.HK)及世茂服務(00873.HK)的「跑輸大市」評級不變。
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