《大行》美銀證券:對內地物管行業保持審慎 板塊內僅推薦華潤萬象生活(01209.HK)
美銀證券研究報告表示,其覆蓋的內地主要物業管理公司,在今年上半年實現8%的收入增長,核心利潤增幅相若。雖然增長速度尚算穩健,但該行認爲投資者更關注費用收回及營運現金流狀況。該行認爲,非國有企業在適應行業變化方面更爲積極,但策略調整需要時間。
美銀證券表示,上半年,行業參與者在利潤率及營運現金流管理方面表現好於預期,但監於費用收取問題短期內難以解決,對該行業保持審慎。華潤萬象生活(01209.HK)是美銀在該行業的唯一「買入」推薦,並將目標價由原先44港元上調至45港元,仍是該行的行業首選。
美銀證券因中國房地產物業管理公司減值損失快速上升而略微下調行業盈利預測,又因碧桂園服務(06098.HK)盈利狀況仍不穩定,但因股息展望較穩定,上調碧服目標價至6.3港元,維持「跑輸大市」評級;該行降中海物業(02669.HK)盈測,目標價下調至5.2港元。有關美銀證券對內地物業管理公司的評級及目標價,詳見另表。
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