物管股集體走低,恆大物業(6666.HK)跌逾11%
格隆匯9月14日丨物管股集體走低,恆大物業(6666.HK)跌逾11%,融創服務跌逾7%,世茂服務、金科服務跌逾5%,佳兆業美好、合景悠活、旭輝永升服務均跌逾4%。

摩通日前發研報指,上半年中國物管股業績表現無大驚喜,而自7月底以來,行業股價亦在區間橫行。該行對短期表現看法審慎,相信至年底甚至明年1月前,都是維持區間橫行的表現。該行下調恆大物業、時代鄰里評級至“中性”,並全線調降物管股目標價。
高盛亦指,展望將來相信大部分該行有覆蓋的物管股盈利能力將緩慢下行,主要因為外部增長積極將令利潤攤薄,同時在數碼化及新業務上的持續投資短期不會帶來很多盈利。此外,人工成本持續提升,加上監管環境趨緊,將是影響行業整體盈利能力的重要因素。
該行料2022至2024年的盈利平均年複合增長將降至28%,拖累目標價平均降18%,不過該行維持對行業長遠展望正面,認為假如經濟規模增加及各項業務協同效應浮面,利潤收窄情況可逆轉。
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