中金内地物管股推荐碧桂园服务、中海物业及永升生活服务
中金发表报告表示,预期上半年碧桂园服务(06098.HK)调整後经常性净利润按年增长47%,中海物业(02669.HK)、永升生活(01995.HK)、绿城服务(02869.HK)升22%、彩生活(01778.HK)升20%,符合市场预期。
该行称预期下半年,重申物业管理板块的成长与防御双重价值,同时提示关注板块内公司成长和防御属性的分化,建议优选增长质量高、盈利确定性强的龙头股,推荐碧桂园服务、中海物业、永升生活服务。

中金称,公司成长依赖规模扩张、业务拓展和效率提升,在规模扩张的选择上,认为由关联开发商新房销售和交付带动的、以及由物管公司独立第三方拓展带动的扩张质量更优、可持续性更好,而对於由收并购带动的面积扩张,持较为保守的态度。
该行表示,维持各公司2019年和2020年的盈利预测不变,但需留意行业内竞争加剧导致各公司面积拓展不及预期或盈利能力下降。
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