摩通:短期內保利物業、中海物業等股被用作融資工具風險低
摩根大通發表報告指,世茂服務(0873.HK)近日從集團實控人許榮茂旗下、關連方世茂股份收購其商業物管業務,再次引發投資者對物管公司成爲開發商融資工具的擔憂,市場對此類交易反應消極。
然而摩通認爲,這種擔憂不應該適用於所有物管公司,更偏好在短期內被用作融資工具風險較低的公司,包括保利物業(6049.HK)、中海物業(2669.HK)、華潤萬象生活(1209.HK)及碧桂園服務(6098.HK)。對具有高風險的世茂服務,融創服務(1516.HK)和恆大物業(6666.HK)則持審慎態度。
另外,摩通提到,對於關連發展商陷入財困(例如恆大)的物管公司,可能出現的情況是出售全部股權(如藍光嘉寶)或資產處置(如彩生活),造成的股價反應可能會很劇烈。前者由於全面收購的溢價,股價反應將會積極,而後者反應將是負面的,因爲籌集的現金可能只被開發商使用。
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