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《大行》匯豐研究:物管公司面臨現金流挑戰 偏好華潤萬象生活(01209.HK)
匯豐環球研究發表研報指,在物管股中,該行偏好華潤萬象生活(01209.HK),評級為「買入」;另因增長放緩而調整雅生活服務(03319.HK)、碧桂園服務(06098.HK)及世茂服務(00873.HK)的預測及目標價(見另表)。 該行表示,穩定的經常性收入一直是物管公司的核心優勢,股息的可見性對股價至關重要,但今年上半年業績披露後,有關優勢已惡化。雅生活服務業績公布後股價受挫,因現金流壓力增加。 匯豐研究認為投資者忽略了兩個負面趨勢,包括來自業主的資金回收難度加大,因樓宇老舊速度加快,且新交付住宅的空置率高企;物業管理費用承壓,增值服務陷入困境。因此,該行對物業管理行業持謹慎態度,認為發展商的轉型故事更有吸引力。 該行稱,所有物管公司均面臨日益增加的應收賬款風險,又認為過去十年住房質量惡化的負面影響正在顯現,對物管公司維持居民體驗同時控制相關成本構成挑戰。
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