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《大行報告》大摩恢復覆蓋ESR(01821.HK)予「增持」評級 目標價31.7元
阿思達克 11-08 12:05
大摩發表研究報告指,ESR(01821.HK)在收購ARA後,管理資產加速增長,目前估值吸引,特別是今年估值下降後,恢復對公司的覆蓋,給予「增持」,目標價31.7元。 該行預期公司未來增長會持續,包括來自新的物流基金、數據中心、計劃中的REIT等。 該行又預期ARA的收購會於明年首季完成,有助擴展公司之盈利增長,主要由於收入、經濟規模成本效應、資產負債表較輕、資本成本下降等推動。市場對新經濟的憂慮似乎已經過度,約80%盈利仍來自有關業務,而公司可以接觸到更廣闊之基金管理平臺、新的費用收入來源,以及借貸成本下降等。
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