《大行报告》摩通降多家内地物管股评级 料行业短期走疲
摩根大通发表研究报告,指内地物管服务板块本年至今累升49%,同期国指仅升3%,考虑次季没重大催化剂,料行业短期走疲,对板块持审慎看法。报告称,对行业中期看法仍正面,受惠基本面稳固、具强劲增长(2020至2023年盈利年均复合增长料43%)及政策利好。在潜在锁定利润後,料次季行业将区间波动,在6月底或迎来升浪,源於投资者或提前部署中期业绩。
报告称,短期而言建议配对交易策略,长仓而言,偏好高增长、具强大母企而估值不高企业,包括金科服务(09666.HK)及世茂服务(00873.HK)。短仓而言,建议造淡绿城服务(02869.HK)及中海服务(02669.HK),认为市场或对管理层最新指引过度乐观,而该两企增长料跑输同业。
该行下调三家物管股评级至「中性」,包括融创服务(01516.HK)、雅生活(03319.HK)及建业新生活(09983.HK);另降三家物管股评级至「减持」,包括绿城服务、中海服务及彩生活(01778.HK)。另调整多家物管股目标价,详见另表。
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