大行評級|大摩:料國企物管股上半年盈利有10-20%增長且現金流穩定
摩根士丹利的研究報吿指,預期國企物管股上半年盈利增長可達10%至20%及現金流穩定,令派息更加清晰;反觀私營物管股仍受壓,核心盈利增長持平或下降,現金流惡化。該行因為穩定現金流、盈利增長較清晰及派吸引而看好華潤萬象生活及保利物業。
大摩料行業收入平均按年升7.6%,毛利平均處於20.3%,跌0.5個百分點,而核心盈利則平均按年升5%。該行料華潤萬象生活及保利物業的上半年核心盈利符合預期,中海物業將錄得10%至15%增長,而綠城服務的核心盈利增長不多於15%,萬物雲及融創服務將會持平,雅生活服務和碧桂園服務將見核心盈利倒退。大摩亦預期華潤萬象生活會在其強勁現金流支持下,宣佈派發特別息及在中期業績提高其2024年全年的派息比率。
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