《大行》交銀國際微降越秀服務(06626.HK)目標價至4.2元 中績穩定派息比率高企
交銀國際研究報告,指越秀服務(06626.HK)上半年業績大致維持穩定,收入按年增0.1%至19.6億元人民幣(下同)。整體毛利率按年降4.6個百分點至21.3%,較行業均值15%至20%稍高。受利潤率下跌影響,淨利潤按年降13.7%至2.4億元,中期股息擬定爲每股0.88港元(2024上半年:0.1港元),派息比率維持在50%高水平。
該行相信,市場對國企及龍頭物管公司的需求會有所上升,加上充足的合約面積在未來數年可轉化成在管面積,認爲公司可在2026年前達到1億平方米簽約面積。該行又認爲,充足的現金餘額將繼續支持其全年派息(今年上半年維持派息比率爲50%)。
交銀國際維持對該股「買入」評級,監於國企母公司越秀地產(00123.HK)的穩定交付支持收入及規模增長;以及現金充裕支持持續派息。目標價略微下調至4.2港元,對應2025年約12倍市盈率或剔除淨現金後約3倍市盈率。
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