大摩:首予福寿园(1448.HK)增持评级 目标价10.8港元
摩根士丹利发表研究报告指,福寿园(1448.HK)潜在的并购和大量的土地储备将推动公司未来2至4年每年增速超过20%,首予福寿园增持评级,目标价10.8港元。
大摩指,福寿园已宣布12个并购目标处于协商阶段,如果每年完成2至3笔交易,预计2020至2023年盈利的复合每年增速22%,如果没有并购,预期每年增速15%。
福寿园已累积230万平方米的土地储备。不考虑时间价值的话,估计其土储能带来50倍的回报;2019年墓地出售均价每平方米3.59万元人民币,而历史收购成本仅720元人民币,在中国这个高增长、低渗透率的市场上,福寿园是最大的私人殡葬服务供应商。

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