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《大行报告》花旗上调雅生活(03319.HK)目标至9.7元 评级「中性」
花旗发表研报,认为雅生活(03319.HK)核心业务发展维持稳健,第三方管理业务规模于去年增长至7,000万平方米,亦逐步增持此前收购项目,业务发展变得更多元化,现时按面积计管理组合中有43%为住宅项目,45%为公共项目,另有12%属商业物业。 该行估计,多元化2C及2B增值服务增长强劲带,利润贡献料提升至介乎25%至30%,利润复合年增长率达15%,预测随著发展商服务相关业务减少,公司整体净利润率及毛利率可达到11%至12%及20%至23%。 花旗表示,由于预测集团2022至2024年盈利下跌19%、增长7%及增长7%,及雅居乐减持等因素,维持其评级「中性」。该行亦下调集团2022至2024年每股盈利预测9%至16%,反映预期建筑面积、利润及非业主住户增值服务业务(VAS)比例下跌,目标价由9.2元上调至9.7元。
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