《大行報告》富瑞上調中海物業(02669.HK)目標價至9.97元 評級「持有」
富瑞發表研究報告指出,中海物業(02669.HK)去年業績超預期,盈利按年升41%至9.84億元,較該行及市場預期分別高7%至9%。毛利率亦勝預期,由上半年的16.1%增長至下半年的18.5%。
該行指出,中海物業第三方擴展穩健,進一步提高銷售及行政開支效率令人鼓舞,但由發展商相關收入所貢獻的收益擴大,或拖累其現金週轉期及導致貿易應收款潛在註銷更高。
富瑞認爲,中海物業所有業務分部的毛利觸底反彈,隨着管理層轉向對併購和增值服務更爲積極,該行預期公司盈利複合年均增長率目標可達30%。另將公司2022至2023財年盈利預測上調10%,目標價由8.64元升至9.97元,維持「持有」評級。
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