富瑞:料內地物管企業中期盈利平均升逾60%
富瑞發表研究報吿指,預期內地的物業管理公司整體將錄得強勁的中期業績,盈利平均增長超過60%,並預計7月中將出現另一波的盈喜,建議投資者在潛在盈喜前增持相關股份。富瑞維持對高品質、高增長、高盈利的參與者看法,繼續看好碧桂園服務和融創服務在低及高端住宅領域的強大執行力和領先地位,並維持合景悠活及新城悦服務為該行重新評級的潛在中型企業。
富瑞表示,受到在管物業面積增長約35%,以及毛利率和淨利潤率分別擴張0.4個百分點及0.8個百分點的支持,預計內地物管公司上半年收入將按年增長逾50%,而盈利亦將按年升超過60%。在富瑞覆蓋的15間物業管理公司中,估計其中12間將會發盈喜,預期盈利增長40%至1.2倍,主要由於去年低基數效應、積極的併購和更佳的營運效率。
該行預期,融創服務、世茂服務和合景悠活的盈利增長將遠優於同業,盈利增長將逾100%,其次是華潤萬象生活、金科服務和時代鄰里,估計盈利將按年升70%至95%,而碧桂園服務、永升生活服務、新城悦服務和卓越商企服務則將錄得50%至65%增長的穩定表現。受規模擴張放緩,以及利潤率受壓拖累,保利物業與中海物業的增長或相對疲軟。
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