《大行》瑞銀升綠城服務(02869.HK)評級至「買入」 目標價上調至5.7元
瑞銀發表研究報告,將綠城服務(02869.HK)投資評級由「中性」上調至「買入」,其作為獨立物管服務商,定位較其他由內房開發商支持的物管企業更佳。公司具從第三方獲取合約的強大能力,在退出盈利能力欠佳項目上具彈性,對向關連開發商「輸血」憂慮較少,以及減值風險較低,屬支持該行上調評級的四大理由。
瑞銀對綠城服務2025至27年盈測上調介乎0%至16%,料盈利年均複合增長率達19%,並基於預測2026年市盈率15倍,將目標價從4.5元上調至5.7元。瑞銀預期綠城服務今年上半年實現20%的盈利增長,推動因素包括:物業管理收入雙位數增長;利潤率及銷售、一般和管理費用改善。
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