《大行報告》美銀證券首予福壽園(01448.HK)「買入」評級 目標價9元
美銀證券首予福壽園(01448.HK)「買入」評級,目標價9元,相當於2023年市盈率預測18倍,低於其歷史平均值23倍,反映股市存在不確定性,現價爲2023年市盈率預測11倍,歷來低位,因新冠疫情發展未明朗及市場對監管存在憂慮,該行認爲是吸引的入市時機。該行料集團盈利增長強勁,新墓園收購及派息比率上升均爲股價催化劑。
該行預測,集團至2025年收入及利潤的複合年增長率分別達到18%和17%,因爲人口老齡化趨勢,和火化率上升正在推動數十年潛在需求增長。集團主要從事提供墓地服務、殯儀服務及其他服務。
報告表示,土地短缺和投資於更昂貴的地段和先人紀念場所,推高了平均售價,得益於強勁的現金流,隨着其向更多城市和相關業務的擴張,其市場領導地位正在提升。
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