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廣發證券:首次覆蓋給予新城悦服務(1755.HK)“買入”評級
格隆匯 03-04 14:01

廣發證券發佈報告稱,新城悦服務(1755.HK)成長性位於上市公司前列,2019-2021年歸母淨利潤複合增長接近53%。該行認為公司超出同行的業績增長並值得一定溢價,給予35倍2020年PE合理估值,合理價值為每股20.55港元,首次覆蓋給予 “買入”評級。

該行表示,公司是背靠新城控股集團的高成長性物業管理公司。截至2019年6月末公司在管面積約為44.0百萬平方米,合約管理面積1.33億平方米。新城控股2017-2019年銷售面積分別為928萬、1812萬和2432萬平方米。新城控股銷售的增長將推動新城悦服務在管面積的增長。截至2019年上半年,新城悦服務的儲備面積接近在管面積的2倍,是目前上市物管公司在管面積成長潛力最大的。另外,新城控股融資能力正在持續恢復,已經開始拿地。新城悦服務則有望於2020年接近1億平方米在管面積規模,並有望於2020年9月加入港股通。

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