《大行報告》高盛降融創服務(01516.HK)及時代鄰里(09928.HK)至「沽售」 升保利物業(06049.HK)至「買入」 上調華潤萬象(01209.HK)至「中性」
高盛發表報告,預計其所覆蓋的物管股在2023-2025年平均收入複合年增長率減速至19%,低於2018-2022收入複合年增長率37%,因此將2022-2024年間物管服務毛利率預測下調,較2021年平均低3個百分點,增值服務毛利率預測較2021年平均低5個百分點,預料毛利率將在2025年回穩。
高盛將融創服務(01516.HK)及時代鄰里(09928.HK)評級降至「沽售」,將保利物業(06049.HK)評級升至「買入」,上調華潤萬象生活(01209.HK)評級至「中性」。
高盛將物管股目標價平均下調13%,代表明年預測市盈率15倍,及2023-2025年間物管股每股盈利複合年增長率17%,目標價與評級詳見另表。
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