《大行報告》花旗:物管股上半年利潤仍然受壓 行業首選華潤萬象、中海物業及保利物業
花旗發表研究報告指,內地物業管理行業發展未見轉向,盈利仍然受壓,預計今年上半年盈利將下跌5%,收入則估計增長12%,當中物管及社區增值服務料增長18%及10%,但期內將受到廣告及拎包入住服務業務所拖累。另一方面,購物中心營運表現強勁,今年上半年亦不再需要為商戶提供租金減免。
花旗首選股為華潤萬象(01209.HK)、中海物業(02669.HK)及保利物業(06049.HK),預期華潤萬象及中海物業中期派息比率將與去年中期一致,達28%及25%。
該行又指,上半年物管商業績表現或未如理想,加上投資者的持續擔憂,認為第三季行業股價將仍然波動,建議投資者選擇擁有強勁經營現金流、健康財務報表,新合約具盈利可見性以及派息不斷增加的企業。
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