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大行評級 | 摩通:碧服(6098.HK)發盈警不感意外 評級“增持”

格隆匯3月8日丨摩通發研報指,(6098.HK)盈警並不屬大意外,相信主因早前收購出現商譽及無形資產減值。由於核心純利仍可見增長,反映公司核心業務完好。該行予公司目標價25港元,評級“增持”。

摩通指出,該大規模減值與藍光嘉寶等併購有關,但情況大部分發生於2021年,將不會令市場過分驚喜。盈警短期或令投資情緒受壓,但該行相信,母企碧桂園(2007.HK)流動性支持增加,物業銷售改善,更能成為碧服股價增長引擎。該行續指出,碧服作為可追落後的高Beta股票,定位良好,且在一眾未受壓的民企內房相關股中,為最具流動性的公司。就算有配股風險,亦可視為重大不確定因素獲移除。

摩通亦提到,碧服於2022年上半年已暫停併購活動,此前操作進取,相信主要投資者在全年業績亦會關注潛在減值數字。不過該行稱,公司2021至24年預測盈利年複合增長率僅為個位數字,反映2023年預測市盈率9倍,屬被低估水平。

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