富瑞:維持碧桂園服務(6098.HK)買入評級 目標價升至91.42港元
富瑞發表研究報吿指,碧桂園服務(6098.HK)以最高33億元人民幣收購彩生活所持從事內地物業管理業務的鄰里樂控股全部股權,認為交易顯示碧服強勁的執行力及行業正在快速鞏固的正確策略,料交易將提升公司2022-23年每股盈利預測3-5%。該行維持碧服為行業首選,維持其“買入”評級,目標價由85.59港元上調至91.42港元。
富瑞指,此交易加上碧桂園服務上週以不超過100億元收購富力地產的富良環球股權,將其2022-23年盈利預測分別上調11%及7%,複合年增長率為53%。
富瑞指,雖然彩生活的營運疲弱,或令碧服項目更新及管理費徵收率下降,但仍對此交易看法正面,認為碧服可在收購完成後改善其服務質素及品牌形象,另外亦可增加不同等級城市的協同效應,以及提升鄰里樂的盈利能力。該行預計,該交易可令碧服2022年底的在管面積增加至逾9億平方米。
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