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永升生活服務(01995.HK):雙品牌協同共贏,高成長更上台階,維持“強推”評級,目標價14.85港元
格隆匯 06-02 13:28

機構:華創證券

評級:強推

目標價:14.85港元 

事件:

5 月 29日,公司董事會接獲 Spectron(旭輝控股全資附屬公司)、Elite Force、林中、林偉以及林峯通知,1)Spectron同意收購 Elite Force 持有的 7,682 萬股股份,相當於股份總數 5%,代價為 7.83 億港元;2)Elite Force 委託 Spectron行使由 Elite Force 持有 3.63 億股股份的表決權,相當於股份總數約 23.64%,自 2020 年 7 月 1 日起無限期生效。據此,於完成股份買賣協議及表決權委託協議生效後,Spectron將有權行使或控制合共 7.70 億股股份(佔比 50.12%)的表決權,公司將於旭輝集團的並表入賬。

點評:

旭輝擬收購永升 5%股份,並重新並表永升,雙品牌協同、利益更趨一致

旭輝控股以總對價 7.83 億港元(對應每股 10.19 港元,較永升生活服務前 5個交易日平均收市價折讓 10%)向林氏家族收購永升 7,682 萬股永升股份(佔已發行股本的 5%),交易完成後旭輝對永升的持股比例將提升至 26.48%;同時,林氏家族將持有永升服務的 23.64%股權對應的投票表決權委託予旭輝。交易完成後,旭輝控股將持有永升服務 50.12%的投票權,從而形成對永升服務的控制,並將其重新並表,其餘股權結構不變。此次交易收購對價高位,充分表明旭輝對永升服務中長期發展的價值認可,並且表示旭輝與永升的利益進一步一致化,也將重新定位“旭輝+永升”的聯合品牌,併產生更多業務上的協同效應。

旭輝重新並表永升將實現雙贏局面,給予永升更大發展紅利、更上台階

本次旭輝重新並表永升,能幫助旭輝在評級提升等多方面形成正向作用,幫助旭輝做大做強,而快速發展的旭輝也會給予永升更大的發展紅利,後續雙方的的深度合作也將再上一個台階,包括後續在城市深耕、品牌建設、城市服務、新業務試水等進一步協同。目前旭輝除了住宅物業方面支持永升之外,旭輝的商業地產物業管理全部交付至永升,這將進一步優化公司的管理業態,提升物業費單價甚至利潤率水平,助力公司中長期的高質量穩定發展。此外,旭輝在一二線城市多年深耕,並較早開放合作權益,雙方的品牌打通也將助力永升得到更多外拓資源和第三方認可。

投資建議:雙品牌協同共贏,高成長更上台階,重申“強推”評級

永升生活服務背靠旭輝集團,未來將依靠三大優勢實現優質增長:內生竣工交付,繼承旭輝的高成長;外拓持續發力,招投標、區域房企合作與收併購嶄露鋒芒;增值服務快增,單位面積增值服務毛利排名第一。目前公司合約/在管面積比達 1.7倍,處於行業高位,將助力未來規模快速擴張。我們維持公司 2020-22年每股收益預測分別為 0.24、0.38、0.59 元,考慮到公司未來三年業績高增以及雙品牌協同進一步加強,我們上調公司 2021 年目標 PE 至 35 倍,上調目標價至 14.85港元(原 12.72港元),重申“強推”評級。

風險提示:業務拓展不及預期,人工成本上升致利潤率下行風險。

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