星展料物管市場規模15年內倍增 上市公司未來2-3年盈利增長達30%
星展銀行(香港)研究部中國房地產業分析主管王丹在記者會上表示,內地基本物業管理市場規模料在15年內倍增,在科技支持下,增值服務增長空間蓬勃,料未來可有高盈利。選股方面,建議專注於有最高盈利能見度及有增長潛力的股票。
王氏又指,2018年100大物業管理公司以管理費計算,住宅物業收入佔45%,商業物業佔14%,但以管理面積計算,住宅物業佔約75%,她表示,由於醫院、辦公樓等物業可收取的管理費較高,料物業管理公司會很願意增加此部份的比例。
王丹表示,內地物業管理行業盈利增長超過5%,上市公司至2021年增長料達30%。分拆物業管理公司獨立上市方面,該行料公司需有超過2,000萬合約面積、逾1,000萬在管面積及於2018年盈利逾5,000萬港元的公司才可吸引投資者。
此外,除了規模大,該行認為業務特別、有地域優勢(如專注於大灣區或長三角地區等),以及叫價合理(行內市盈率介乎10-30多倍,平均市盈率22-23倍)的公司才可吸引投資者。王丹預期,上市內房中,有興趣短期內分拆旗下物業管理公司上市的包括潤地(01109.HK)、世房(00813.HK)、建業地產(00832.HK)及富力(02777.HK)等。
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