《大行報告》花旗上調雅生活(03319.HK)目標至9.7元 評級「中性」
花旗發表研報,認為雅生活(03319.HK)核心業務發展維持穩健,第三方管理業務規模於去年增長至7,000萬平方米,亦逐步增持此前收購項目,業務發展變得更多元化,現時按面積計管理組合中有43%為住宅項目,45%為公共項目,另有12%屬商業物業。
該行估計,多元化2C及2B增值服務增長強勁帶,利潤貢獻料提升至介乎25%至30%,利潤複合年增長率達15%,預測隨著發展商服務相關業務減少,公司整體淨利潤率及毛利率可達到11%至12%及20%至23%。
花旗表示,由於預測集團2022至2024年盈利下跌19%、增長7%及增長7%,及雅居樂減持等因素,維持其評級「中性」。該行亦下調集團2022至2024年每股盈利預測9%至16%,反映預期建築面積、利潤及非業主住戶增值服務業務(VAS)比例下跌,目標價由9.2元上調至9.7元。
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