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《大行報告》瑞銀:增持合富輝煌(00733.HK)協同有限 碧服(06098.HK)回購或派息對股東更有利
碧桂園服務(06098.HK)與合富輝煌(00733.HK)宣布訂立戰略合作協議,碧桂園服務將向合富輝煌控股股東扶偉聰收購約7,164萬股,同時認購2,696.6萬股新股,持股量料增加13.1%至38.1%。 瑞銀表示,對該交易持負面看法,主要由於合富輝煌主營為二手房代理業務,預期雙方之間的協同效應有限。 同時考慮到合富輝煌為廣州市場的主要高端地產代理高,與碧桂園(02007.HK)及碧服的業務並未有太多重疊,瑞銀認為碧服若進行股份回購或派息,都可為股東帶來比收購房地產代理業務更有利的回報,對碧桂園服務維持「中性」評級,目標價為7.9元。
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