《大行報告》花旗下調福壽園(01448.HK)目標價至9元 評級「買入」
花旗發表研究報告指,福壽園(01448.HK)去年收入及盈利分別增長23%及16%,盈利遜於該行預期,相信主要是由於疫情下相關成本提升,加上土葬業務表現較差,以及火葬業務的設施升級所致。
展望2022年,管理層仍維持今年收入和利潤增長約20%的指引,但花旗指出,疫情限制可能會繼續影響葬禮服務,同時葬禮平均價格可能會降低,因此預期今年盈利增長幅度僅為17%。
該行預期,內地當局專注於應對疫情爆發,可能導致福壽園併購審批速度放緩,但仍有信心公司的盈利狀況應該能夠抵禦今年中國宏觀經濟放緩的影響,將2022至2024年盈利預測下調4%至7%,並將目標價下調14%至9元,維持「買入」評級。
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