《大行報告》大摩調整內地物管股目標價 首選華潤萬象生活、中海物業、保利物業及旭輝永升
摩根士丹利發表報告指,內地物管股去年業績大致符合預期,平均收入按年增長54%、盈利升60%,毛利率則按年下跌0.4個百分點至28.2%。由於物業市場不明朗、市場對發展商流動性憂慮持續及疫情影響,大部分物管企業對中期前景的語調更爲溫和。
該行表示,物管行業現時的估值吸引,相當於明年預測市盈率10.3倍,且2021年至2024年的盈利年均複合增長率料有25%。
不過,因房地產市場復甦較預期慢,加上投資者的風險胃納低,大摩偏好盈利能見度高的高質素的股份,行業首選華潤萬象生活(01209.HK)、中海物業(02669.HK)、保利物業(06049.HK)及旭輝永升(01995.HK)。
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