《大行报告》汇丰研究升雅生活(03319.HK)至评级至「买入」 目标价大升至29.7元
汇丰研究发表研究报告指，过去几个月，留意到内房与内地物业管理股分道扬镳的趋势，更多投资者留意到物管公司在贸易冲突加剧及内地经济放缓下的防守性业务性质。该行料投资者将持续投资於物管板块。上述两个板块的股价关连度，由2016至2018年的66%，扭转至今年下半年的负32%。该行维持对物管板块的正面看法，当中偏好雅生活(03319.HK)及绿城服务(02869.HK)。
报告称，物管板块基本面仍稳固，料物管服务渗透率及龙头物管公司市占将持续上行势头。这将带挈主要物管公司在2019至2020年间盈利年均复合增长达30%，高於不同MSCI板块的年均复合增长16%水平。此外，增值服务上半年同比增长达44%，带动总收入按年增长达38%。
汇丰料投资者将逐渐对板块持更正面看法，带动板块续获估值重评，板块预测市盈率已由今年初的15倍上升至约20倍，市场亦持续调高其对板块盈利预测。
该行上调雅生活投资评级，由「持有」升至「买入」，考虑到其收购中民投旗下物管公司，目标价由15.8元升至29.7元。汇丰喜好雅生活盈利增长强劲(2018至2021年盈利年均复合增长达38%)及估值吸引。该行亦喜好绿城服务，指盈利增长稳健(2018至2021年盈利年均复合增长达30%)，目标价由8.2元升至9元，评级「买入」。
此外，汇丰维持对中海物业(02669.HK)「买入」投资评级，目标价5元；另维持彩生活(01778.HK)「持有」投资评级，目标价4元。
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