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《大行報告》美銀證券:物管股未到撈底時 下調目標價
美銀證券發表研究報告指出,由於內房環境低迷及疫情的不利因素,影響內地物管股的各種增值服務,令上半年內地物管股的盈利恢復至依賴基本物業管理作爲主要增長動力。在整體經濟低迷及相關關聯方風險下,應收賬管理更具挑戰性。 該行認爲,內地物管股未到撈底時機,由於母公司陷入財困,短期內或有出售資產的風險。而該行相對更爲偏好發展商,因爲發展商更爲直接受惠於銷售復甦,而且估值較低。 在內地物管股中,美銀證券的首選維持爲國企的華潤萬象生活(01209.HK)、中海物業(02669.HK)及保利物業(06049.HK),主要由於增長路徑更爲明顯及估值合理。維持對母企陷入財困的物管股「跑輸大市」評級,如雅生活(03319.HK)、世茂服務(00873.HK)及融創服務(01516.HK)。預期全年國企物管股盈利增長28%,2021至2024財年的年均複合增長率爲22%,2022至2023財年的盈測下調4%至43%,目標價平均降11%(見另表)。
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