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《大行報告》高盛:民企物管股升勢反映與內房母企分離及較強增長前景
高盛發表報告指,自內地出台「金融十六條」措施後,該行覆蓋的中資物管股的股價出現明顯復甦,其中國企背景的物管股股價升逾15%,民企更升超過60%。此外,國企與民企物管股的估值差距亦已收窄。 該行認為,在是次的下行周期,物管股股價表現與其關聯發展商重新掛鉤,反映市場對有關發展商流動性狀況的憂慮加劇,因此或會影響其物管公司的基本面前景。不過,近期民企物管股的估值復甦表明,有關股份與內房母企脫鉤,及較佳增長前景。 高盛重申對綠城服務(02869.HK)、旭輝永升服務(01995.HK)、萬物雲(02602.HK)、中海物業(02669.HK)、保利物業(06049.HK)及碧桂園服務(06098.HK)股份的「買入」評級;至於金科服務(09666.HK)、時代鄰里(09928.HK)、世茂服務(00873.HK)及融創服務(01516.HK)則維持「沽售」評級。
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