You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
大摩:首予福壽園(1448.HK)增持評級 目標價10.8港元
格隆匯 09-16 12:24

摩根士丹利發表研究報告指,福壽園(1448.HK)潛在的併購和大量的土地儲備將推動公司未來2至4年每年增速超過20%,首予福壽園增持評級,目標價10.8港元。

大摩指,福壽園已宣佈12個併購目標處於協商階段,如果每年完成2至3筆交易,預計2020至2023年盈利的複合每年增速22%,如果沒有併購,預期每年增速15%。

福壽園已累積230萬平方米的土地儲備。不考慮時間價值的話,估計其土儲能帶來50倍的回報;2019年墓地出售均價每平方米3.59萬元人民幣,而歷史收購成本僅720元人民幣,在中國這個高增長、低滲透率的市場上,福壽園是最大的私人殯葬服務供應商。

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.
uSMART
Wealth Growth Made Easy
Open Account