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內房物管股普遍升4%-11% 中銀國際重申行業「增持」評級
中銀國際重申內地物業管理行業 「增持」評級,物管股今天普遍跑贏內房,尤其是恆大物業(06666.HK)高見0.68元,現報0.66元,回升27%。 雅生活服務(03319.HK)高見4.18元,創近三個月高,現報4.06元,續升近11%。合景悠活(03913.HK)高見0.55元,創約三個月高,現報0.52元,續升8.3%。 藍籌華潤萬象生活(01209.HK)重越50天線,最高見25.45元,現報25.1元,續升4.8%;碧桂園服務(06098.HK)曾高見6.49元(暫受百天線6.56元),現報6.35元,續升5.5%。 融創服務(01516.HK)、中海物業(02669.HK)、世茂服務(00873.HK)、新城悅服務(01755.HK)及旭輝永升服務(01995.HK)升逾4%-8%,後兩者升幅最大,最高見3.11元及1.56元,現報3.1元及1.54元,續升7.6%及8.5%。 中銀國際指,過去一年,觀察到內房市場調整對物業管理行業影響更多集中在開發商增值服務領域。該行預計華潤萬象生活、中海物業、保利物業(06049.HK)去年淨利潤按年增逾20%,綠城服務(02869.HK)淨利潤年增15%,因為它們受關聯方影響較小。 中銀國際認為,在通脹較低環境下,物業管理行業的防禦性更強,並預計該行覆蓋的公司都將實現正的經營現金流。考慮到大多數公司的今年市盈率為個位數至低雙位數,估值頗具吸引力,重申對行業 「增持」評級。另外,該行給予華潤萬象生活、綠城服務、雅生活及碧服「買入」評級。
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