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中金:首予雅生活服務(3319.HK)“跑贏大市” 目標價33港元
格隆匯 11-25 11:40

中金髮表報告指,雅生活服務(03319.HK)已成功發展成為一家在全國範圍內擁有業務的綜合性房地產服務提供商,並有望在目前的市場整合中繼續提升質量,因此首次給予“跑贏大市”評級。

雅生活服務早前收購中民物業及新中民物業60%股權,中金認為此次收購後雅生活規模有望超越碧桂園服務(06098.HK)及萬科物業服務,相信有助進一步增強其非住宅領域的競爭優勢,以及在股東雅居樂集團(03383.HK)  及綠地控股支持下,為未來長遠穩健增長打下基礎。

該行預期,雅生活服務2019至2021年在管總建築面積三年複合增長率可達52%,社區增值服務年複合年增長率為70%,料可帶來穩定增長,給予目標價33港元,此相當明年預測市盈率25.5倍,較現價有約21%上升空間。

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