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《大行報告》中金上調融創服務(01516.HK)目標價至30元 評級「跑贏行業」
阿思達克 07-15 15:28
中金髮表報告,預計融創服務(01516.HK)今年上半年合約面積增長約6,400萬平米,期內管理面積增長約4,100萬平方米,當中約2,400萬平米爲第三方面積。

該行預計上半年新增合約面積中約90%爲住宅業態,若不包含收併購項目,則約70%爲住宅面積,其中新項目數量應多於二手項目數量,預期毛利率水平可維持大體穩健。

中金指,融創服務上市後持續推進基礎物業管理人員提效,目標今年末平均單人員管理面積達到約4,200平米,去年末約3,700平米。受益於管理效能提升,該行預計今年上半年基礎物業服務毛利率較去年同期有明顯提升,同時也將高於預期全年22%至23%的水平,將是推動盈利增長的主要貢獻因素之一。

營收結構方面,中金預計融創服務上半年社區增值服務貢獻收入比例提升至5%以上,去年全年爲3.8%,非業主增值服務收入貢獻也將進一步壓降。該行分別上調2021年和2022年純利預測6%和1%,至分別13.1億元和20.9億元人民幣,按年分別增長118%和60%,主要反映公司在規模拓展上的進度好於預期。

中金指,融創服務預告今上半年盈利按年升逾140%(估算約5.7億元人民幣),佔該行更新後全年盈利預測的44%,維持「跑贏行業」評級,上調目標價4%至30元,相當於預測明年市盈率38倍,較當前股價存在16%上行空間,認爲公司在發佈盈利預告後股價有所下跌,主要因部分資金獲利了結所致,相信公司將維持良好的增長勢頭,支持估值中期擴張。

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