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《大行報告》麥格理首予華潤萬象生活(01209.HK)「跑贏大市」評級 目標價32.6元
阿思達克 12-09 09:35
麥格理發表的研究報告指,有別於其他上市物管公司,華潤萬象生活(01209.HK)可為投資者提供獨特的商業物業覆蓋,而母公司潤地亦有強勁的品牌,可為公司提供穩健的供應,首予公司「跑贏大市」評級,目標價32.6元。

該行指出公司住宅物管方面有來自潤地的支持,佔其物業管理面積達82%,而公司亦正積極向外擴張,估計到2022財年來自第三方的物業管理面積將由2019財年的19%增至37%,並預計2019-2022財年的物管面積年複合增長可達25%。

該行指出公司是內地領先的商場營運者,在當地有51個商場,涉及560萬平方米的商業營運服務面積,另外亦有45個項目準備中,涉達410萬平方米的面積將於2020-24財年啟用,相信到2024年旗下項目的年複合增長將達24%,並達106個,而管理面積的年複合增長將有14%,到2024財年將達1,030萬平方米。

該行亦預計公司的整體毛利率到2022年將改善至30%,而商業運營服務的利潤則在60%水平,而商場及寫字樓均在40%的水平,顯著高於其他現有業務,料相關貢獻增加將有助改善其盈利能力。另外該行亦留意到住宅物管方面受惠市場主導的經營、效率提升及增值服務增加,表現亦有改善,現時估計公司淨利的年複合增長可達73%,而收入年複合增長則達22%。(el/k) ~

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