港股物管股延續漲勢！盈利邏輯獲多家券商看好
6月3日，在港股市場上，物管股漲幅明顯，其中，銀城生活服務領漲板塊，漲幅超14%，鑫苑服務、佳兆業美好、藍光嘉寶服務漲超4%，時代鄰里、濱江服務、奧園健康等個股均有明顯拉昇。
來源於：富途牛牛
而究及漲勢，首先，一些個股釋出的利好消息不容忽視。例如，佳兆業美好、寶龍商業均獲納入MSCI中國小型股指數，已於5月29日收市後生效；永升生活服務控股股東近日向旭輝出售5%股權並向其委託表決權，代價為7.83億港元。
除此之外，物管板塊的漲勢得以持續還是在於市場對其成長邏輯趨於樂觀，尤其是基於疫情這一特殊時期，響應“嚴防嚴控、服務到家”的口號，物業管理服務充分彰顯了其存在感，在抗疫進程之中發揮了不可磨滅的關鍵作用，進而也加深了人們對物業管理服務的認可度。
國信證券認為，當前物業管理行業的高估值有三大支撐:一是高續約率之下物管的商業模式類似“坐地收租”,本質上錨定了較高估值水平；二是中短期高度確定的業績增長,充分拉低了動態PE,對應地產增量；三是長期豐富的想象空間,核心是單盤NOI提升,對應地產存量；綜合來看,即使僅考慮物管公司的商業模式和高度確定的潛在業績,當前主流物管公司整體估值水平也基本合理,而廣闊的長期前景將持續支撐物管公司價值提升。
東興證券指出，目前行業的基本邏輯為“短期看在管面積外拓能力，長期看品牌服務能力”。在短期內，行業仍然以跑馬圈地為主，龍頭企業可以依靠關聯開發企業擴張在管面積或憑藉資本優勢進行併購，快速實現規模增長；而就長期來看，具有良好品牌價值和優質服務整合能力的企業才能持續獲得客户認可，在存量市場的競爭長跑中獲得勝出。建議關注：（1）具有強大的央企、國企背景，有強力開發商支持的同時，在拓展公建物業項目方面有天然優勢的公司；（2）關聯地產公司實力較強，管理面積規模及增速具有優勢的公司；（3）具有優質品牌價值和較強的市場化拓展能力的企業。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
