《大行報告》花旗:綠城管理(09979.HK)上半年業績出色 評級「買入」
花旗發表研究報告指,綠城管理(09979.HK)中期純利按年增長33%,超越公司管理層訂立的增長30%目標,期內毛利率增長至50.4%,成本控制措施見效,營銷開支比率亦下降。
該行指出,綠城管理上半年盈利表現強勁,經營現金流狀況向好,達到盈利的逾1倍,而且財務報表穩健,管理規模增至107個城市的390個項目,面積共達到9,430萬平方米。按客戶種類劃分,項目有43.6%來自國企、30.2%來自政府部門,另外24%來自私營企業。花旗認為,此顯示出綠城管理正致力建立一個更多元化、減少週期性影響的客戶群。
花旗重申「買入」評級,目標價為8.12元,對應2022年預測市盈率約18倍,指出公司擁有穩健的輕資產業務模式,項目盈利具可見性,認為項目管理業務將可媲美物業管理業務。
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