研報掘金 | 第一上海:予星盛商業“買入”評級 看好公司未來外拓能力和經營韌性
第一上海發佈研報,予星盛商業(6668.HK)“買入”評級,給予2024年10倍市盈率,對應目標價2.0港元;看好公司作為純商管公司在房地產步入後周期的外拓能力和經營韌性。研報提及,2023年公司營業收入為6.35億元,同比增長13%;毛利3.34億元,同比增長6.6%;歸母淨利潤為1.71億元,同比增長10.9%。隨着疫情結束,市場消費復甦,公司盈利能力持續提升。期末在手現金14.37億元,同比增長13%,在手現金充足。公司提升派息率至70%,每股派息13港仙,同比增長23.8%。研報指,公司聚焦大灣區、長三角區域,並進行全國佈局,堅守自身能力圈,重質不重量,打造公司獨有的發展模式。具體而言,1)星盛商業在營項目表現穩健,儲備充足:公司作為大灣區領先的商用物業運營服務供應商,截至23年末已開業零售商業項目數量27個,面積達165萬平方,籌備中項目20個,未來發展具備確定性。2023年整體出租率同比提升0.3個百分點至92.8%,收繳率同比提升1.3個百分點至 99.8%;2)完成全年新開業目標,堅持高質量開業:公司2023年全年新開6個項目,完成全年目標。年內新開業項目均為公司首次進入的城市或區域,包括廈門、廣州、江陰等城市。截止目前,公司的合約面積約280萬方共55個項目,覆蓋全國21個城市,第三方面積佔比為48.9%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.