野村:物管公司具快速增長的自由現金流 首選雅生活(3319.HK)等
野村發表研究報告指,喜歡物管公司的可預測性及快速增長的自由現金流(FCF),不過認為行業的長期問題,包括資產管理規模增長放緩及利潤率正常化等,有關問題均不容低估,建議投資者應選擇性揀選股份。野村首選為雅生活服務(3319.HK),認為公司是市場上保持長期資產管理規模等的先行者。該行亦偏好永升生活服務(1995.HK),指公司有潛力成為下一個具多方質量增長的推動者。
野村表示,中期而言,看到管理區域、資產管理規模、用户擴張的多個推動因素,包括房地產升級完成、政府支持舊改,以及開放物管市場。從長遠去看,資產管理規模將會下降,利潤率將正常化。若市場價格調整的樽頸位持續存在,將會長期推動利潤率正常化。
該行又認為,市盈率估值誇大了短期的每股收益波動率,因此更為喜歡現金流折現法(DCF),認為更能妥善反映出市場的前景。

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