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《大行報告》大摩下調物管股目標價 料下半年盈利改善及估值重評
摩根士丹利發表研究報告指,內地物管行業公布中期業績後,市場已重新將關注重點放回公司的核心業務經營及現金流表現上,預計在內房母公司或關聯開發商脫鉤後,預計物管商盈利將會好轉,並獲得估值重評。 該行指出,有評級的物管商今年上半年核心盈利平均按年下跌9%,其中國企增長29%,民企則下跌34%,相信首階段的盈利重置已接近完結,盈利進一步下跌空間有限。估計最壞情況下,企業今年全年盈利僅跌12%。 大摩又指,行業持續洗牌,物管商正將發展戰略從規模化轉向側重於盈利及現金流狀況,並聚焦於核心城市發展核心的物管及增值服務業務。預計下半年盈利好轉,預測2023至2025年物管商盈利將按年增長4%、16%及13%,首選華潤萬象生活(01209.HK)、保利物業(06049.HK)及中海物業(02669.HK),同時看好萬物雲(02602.HK)利潤轉勢較預期快。 大摩對內地物業管理股最新投資評級及目標價,詳見另表。(gc/u) ~
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