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《大行報告》摩通下調中海物業(02669.HK)目標價至9元 新收購不好惟市場懲罰過度
摩根大通發表報告指,中海物業(02669.HK)擬斥最多9.5億元人民幣收購項目監理業務。受消息影響,中海物業股價在過去兩個交易日內下跌27%,同期恆指跌幅為0.8%。 該行指,雖然同意該交易定價過高且沒有必要,但認為市場懲罰過度,因為交易規模並不大,而且交易後的利潤結構仍偏向於非周期性業務。而目前該股的市盈率為10倍,已經與國企背景同行如綠城服務(02869.HK),甚至是某些受困同行融創服務(01516.HK)和金科服務(09666.HK)相若。 不過,由於該交易損害投資者對公司治理的信心,將目標市盈率從18倍下調至14倍。目標價由11元下調至9元,評級「增持」。
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