《大行報告》花旗降內地物管股目標價 反映受內地樓市疲弱所影響
花旗發表研究報告指,內地房地產行業仍然面對挑戰,社區增值服務前景受壓,因此下調部分內地物管股目標價及預測,其中雅生活(03319.HK)目標價從6元降至5.3元,對應2023年預測市盈率為4倍,維持「中性」評級。
花旗對世茂服務(00873.HK)及融創服務(01516.HK)同樣維持「中性」評級,認為世茂服務淨利潤持續回穩,今年內經營性現金流有望轉正,目標價從1.8元降至1.63元,對應今年預測市盈率約6倍。預期在持續致力改善現金流及內生增長下,融創服務收入將錄得10%至15%的複合增長,因應市況將目標價降至2.25元,對應今年預測市盈率約7.5倍。
該行對寶龍商業(09909.HK)及新城悅服務(01755.HK)則維持「買入」評級,同樣基於內地樓市前景,將目標價分別降至5元及5.5元。
花旗認為,在出現更明顯的財務數據改善前,投資者應留意現金流及新合約獲取表現較好的物管商,認為板塊短期內將保持區間波動。
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