《大行報告》匯豐研究下調中海物業(02669.HK)目標價至13.5元 評級「買入」
匯豐研究發表報告指,中海物業(02669.HK)上半年業績強勁,在收入按年增長23%和毛利率擴張的推動下,純利按年增39%,宣派中期息5.5仙,按年增長38%,意味著派息比率為25%。該行重申對集團達成其長期增長目標的信心。長遠來看,相信集團有望在2021至25年實現其整體增長指引。該行認為房地產行業的政策刺激將會是關鍵的催化劑,維持公司為行業其中一個首選。
該行升中海物業2023至2025年收入預測約6%,反映第三方擴張快過預期,社區增值服務收入貢獻大過預期;並上調2023至2025年各年毛利率預測介乎0.2至0.4個百分點,反映收入組合改變、在經營效率改善下基本物管服務毛利率預測輕微上調,因此上調期內各年盈測分別6%、8%及9%。
匯豐研究表示,由於市場對物管行業風險胃納下降,下調對中海物業估值基礎,由原先目標市盈率30倍降至26倍,目標價相應由14.6元下調至13.5元,而目前股價有潛在的61%上升空間,維持「買入」評級。
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