《大行報告》富瑞升中海物業(02669.HK)評級至「買入」 目標價上調至12元
富瑞發表報告指,中海物業(02669.HK)上半年純利按年增長39%,符合該行預期;毛利率按年回升0.9個百分點至16%,現金回款情況良好。
雖然毛利率復甦主要來自於一次性項目所推動,但富瑞指出,中海物業強勁的第三方擴張、社區增值服務穩固增長及成本效率提升均令人鼓舞,將投資評級由「持有」上調至「買入」,看好其有望達成盈利複合年增長率達30%的目標,以及社區增值服務發展潛力龐大,認為公司估值溢價處於合理水平。
隨著業務組合不斷擴大、滲透率提高以及去年因疫情而導致的基數較低,富瑞預計社區增值服務下半年可按年增長逾65%,料佔全年收入及盈利分別9%及18%。考慮到社區增值服務增長狀況改善,該行將盈利預測上調2%至4%,目標價由9.2元升至12元,同時憧憬一、二線城市房地產支持政策可成為短期催化劑。
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