《大行報告》瑞銀下調綠城服務(02869.HK)目標價至3.8元 評級「中性」
瑞銀發表研究報告指出,由於來自住宅物業和公共物業的第三方市場競爭加劇,加上現金流惡化,維持對綠城服務(02869.HK)「中性」評級。另認為公司中期業績符合預期,因此對公司今年盈利預測不變,但在住宅新開工下降導致行業增長放緩下,將公司2024及2025年盈利預測下調2%至6%。
綠城服務維持今年與第三方的新合同額50億至55億元人民幣的年度目標,相對於去年為45.8億元人民幣。然而,該行指公司上半年僅實現目標28%至30%,要達成全年目標或面臨壓力。
該行認為,鑑於開發商的現金流壓力,以及公共物業的收費日較長,對綠城服務應收賬款的增加感到憂慮,預期公司今年應收賬款按年增長23%,超過收入增長20%。該行將公司目標價由5.5元下調至3.8元,2023至2025年每股盈利年均複合增長率為21%。
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