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花旗:首予碧桂園服務(6098.HK)“買入”評級 目標價33港元
格隆匯 11-04 11:53
花旗發表報告,首次覆蓋研究碧桂園服務(6098.HK) ,予其“ 買入 ”評級,目標價33港元。該行表示,藉着碧桂園(2007.HK) 在中國全國的影響力和品牌知名度,料碧桂園服務將成為內地三及四線城市物業管理市場的整合者。
花旗預期,碧桂園服務至2021年的每股盈利年均複合增長率可達46%,主因其管理面積儲備達3.67億平方米;而基本服務和效率不斷提升,行業最高毛利率可超過30%;加上受惠於低線城市的項目多,增值服務的年均複合毛利率達50%。
該行表示,受項目密度推動,料碧桂園服務在社區增值服務中的毛利增長約55%至60%。而頻密消費需求可帶動ARPU增長(現時為每月23元人民幣),特別是社區缺乏成熟商業服務的低線城市項目。

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