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《大行》高盛料雅生活(03319.HK)盈利可見底回升 評級升至「中性」
高盛發表研究報告,將雅生活服務(03319.HK)的投資評級由「沽售」上調至「中性」,指出公司經過近年的業務組合優化及重組,退出表現較差的物管項目及城市服務合約,並減少對高負債關聯開發商雅居樂(03383.HK)、綠地(600606.SH)與收款可見度較低政府客戶的風險敞口,預期明年起經常性收入及盈利能力將改善,爲穩定自由現金流生成及股東回報前景帶來支持。 雅生活服務上半年扭虧爲盈,錄淨利潤3.5億元人民幣,對比2024年上半年淨虧損16億元人民幣,主要受惠於應收款減值損失收窄。高盛預期該公司盈利可見底回升,物管及城市服務業務利潤率下行壓力可控,管理層更表明未來或考慮派發特別股息。 相應地高盛將其今年收入預測下調5%,以反映退出表現差項目的影響,2026至2027年收入料持平,並調整2025至2027年核心淨利潤預測,由下調1%至上調4%不等,目標價從2.45元升至3元。
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