《大行報告》匯豐研究升雅生活(03319.HK)至評級至「買入」 目標價大升至29.7元
匯豐研究發表研究報告指，過去幾個月，留意到內房與內地物業管理股分道揚鑣的趨勢，更多投資者留意到物管公司在貿易衝突加劇及內地經濟放緩下的防守性業務性質。該行料投資者將持續投資於物管板塊。上述兩個板塊的股價關連度，由2016至2018年的66%，扭轉至今年下半年的負32%。該行維持對物管板塊的正面看法，當中偏好雅生活(03319.HK)及綠城服務(02869.HK)。
報告稱，物管板塊基本面仍穩固，料物管服務滲透率及龍頭物管公司市佔將持續上行勢頭。這將帶挈主要物管公司在2019至2020年間盈利年均複合增長達30%，高於不同MSCI板塊的年均複合增長16%水平。此外，增值服務上半年同比增長達44%，帶動總收入按年增長達38%。
匯豐料投資者將逐漸對板塊持更正面看法，帶動板塊續獲估值重評，板塊預測市盈率已由今年初的15倍上升至約20倍，市場亦持續調高其對板塊盈利預測。
該行上調雅生活投資評級，由「持有」升至「買入」，考慮到其收購中民投旗下物管公司，目標價由15.8元升至29.7元。匯豐喜好雅生活盈利增長強勁(2018至2021年盈利年均複合增長達38%)及估值吸引。該行亦喜好綠城服務，指盈利增長穩健(2018至2021年盈利年均複合增長達30%)，目標價由8.2元升至9元，評級「買入」。
此外，匯豐維持對中海物業(02669.HK)「買入」投資評級，目標價5元；另維持彩生活(01778.HK)「持有」投資評級，目標價4元。
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