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《大行》大摩料物管行業中期盈利升6% 看好綠城服務(02869.HK)華潤萬象(01209.HK)
摩根士丹利研究報告指,預期物業管理行業上半年收入平均按年升5%,盈利平均升6%,營運效率提高,但個股表現分化,當中料綠城服務(02869.HK)及華潤萬象生活(01209.HK)的盈利增長最高,達15至20%,萬物雲(02602.HK)為10至15%,再之後是保利物業(06049.HK)與中海物業(02669.HK)中單位數增長,至於碧桂園服務(06098.HK)與融創服務(01516.HK)可能錄得5至10%的跌幅;料行業毛利率相對穩定,銷售、一般及行政費用(SG&A)有所下降。 該行指,考慮到現金回款和股息能見度是中期業績的關注重點,偏好盈利能力可見、派息前景穩健及現金回款狀態健康的公司,當中包括華潤萬象生活及綠城服務,因其增長及回報具韌性,目標價分別為42.49元及5.18元,均予「增持」評級;另外亦看好高收益率的公司,如萬物雲及綠城管理控股(09979.HK),予前者目標價22.51元及「與大市同步」評級,予後者目標價3.51元及「增持」評級。
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