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《大行報告》野村首予恆大物業(06666.HK)「增持」評級 目標價18.5元
阿思達克 05-31 11:29
野村東方國際證券發表研究報告指,恆大物業(06666.HK)目前在管面積達3億平方米,主要受益母公司恆大(03333.HK)的支持,令2017至19年物業管理面積規模複合年均增速達29%。

該行指,憑藉強大的執行力和品牌知名度,相信恆大物業能夠鞏固在第三方市場的領先地位並實現快速擴張,2020-23財年管理面積規模CAGR有望達到50%。而且恆大擁有多元化的生態系統。借助與母公司的緊密合作,認為恆大物業的社區增值服務蘊藏巨大增長潛力。房產中介、保險經紀和家裝美居等領域預計是重要發力點,預計公司2020-23財年社區增值服務收入CAGR將達到47%。

該行又指,2020-23年淨利潤CAGR預計將達到50%,利潤增速的預測主要基於以下因素:鑑於母公司的大力支持,且第三方合同招標預計將貢獻2021/22年在管面積的33%/47%,預計2023年物業在管面積或將從2020年的3億平方米擴大至10.2億平方米,CAGR將達到50%;儘管毛利率呈下滑趨勢,但公司盈利能力仍強於同業(2023財年營業利潤率預測為30.7%),首予「增持」評級,目標價18.5元。

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