港股異動 | 物管股全線大跌 遭多家大行調降目標價
格隆匯9月16日丨物管股全線大跌,世茂服務(0873.HK)跌逾15%,碧桂園服務跌逾11%,金科服務跌逾10%,佳兆業美好跌逾9%,雅生活服務、保利物業跌逾8%。大摩日前發研報指,即使物管股上半年業績強勁,內房行業去槓桿及流動性憂慮續壓抑物管股股價表現;該行下調物管股估值基礎,由明年預測平均市盈率29倍降至25倍,撇除保利物業外,相應下調目標價介乎10%至32%,以反映物管股母企合約銷售增長及買地放緩,將影響物管股管轄面積增長展望。摩通亦指,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,全線調降物管股目標價。高盛則料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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