《大行》大摩升綠城服務(02869.HK)目標價至5.18元籲增持
摩根士丹利研究報告指,將綠城服務(02869.HK)2025至27年核心盈利及每股盈利預測分別下調6%、4%及2%,收入增長預測下調3%至6%。該行認爲,期內毛利率將好於預期,因營運效率提升與項目質量優化帶動全業務線利潤率改善。另外,成本控制下銷售及管理費用率將降低,又料第三方應收賬款的減值比率微幅上升,料公司今年因持有China CVS而有約1億元人民幣的減值撥備,而2026至2027年亦再錄得5,000萬至1億元人民幣的減值。
該行預期,綠城服務今年股息率達3.1%,派息率達50%,並有機會派發特別息。該行對其目標價由4.98元升至5.18元,評級「增持」。
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