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時代鄰里(9928.HK):紮根灣區高速增長的物管公司
格隆匯 12-12 16:18

機構:興業證券

投資要點

紮根大灣區的綜合物業管理公司:時代鄰里是一家綜合物業管理服務供應商,總部位於廣州,目前在中國15個城市管理了近210個項目,物業類型包括住宅小區、工業園區、商業物業及寫字樓、多功能綜合體、政府大樓、公共設施、機場、教育機構以及市政環衞項目,在管面積超過4000萬平米。根據中指院報告,時代鄰里在2019年中國物業服務百強企業中位列第13位。

建議投資者積極“申購”:截至2018年底,公司營業收入為6.96億元人民幣,淨利潤為0.64億元,預計2019E/2020E的淨利潤分別為1.03和2.01億元。按發售價格分別為4.23、5.01和5.80港元計算,公司發行新股後總股本為9.08672747億股,總市值將分別為38.43、45.52和52.70億港元,對應的2020年的PE分別為17.2、20.4和23.6倍。可類比上市公司新城悦服務(1755.HK)、永升生活服務(1995.HK)、奧園健康(3662.HK)和藍光嘉寶服務(2606.HK)的PE分別為24.2、20、15.3及12.8倍。鑑於時代鄰里在大灣區的領先地位和大灣區巨大的發展潛力,我們認為公司上市後利於擴大規模、探索智慧社區、財務實力也得到加強,有利於其長遠發展,我們建議投資者“申購”。

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