《大行報告》高盛下調中海物業(02669.HK)目標價至11.6元 評級「買入」
高盛發表研究報告指出,中海物業(02669.HK)中期收入遜預期,被毛利超預期而抵銷。公司上半年純利按年增長39%至7.26億元,相當於該行對公司全年預測的44%,並超過該行對公司全年預測按年增長29%的增幅。
該行將中海物業2023至2025年物業管理服務毛利率上調1.1、1.1及0.5個百分點,認為公司成本提升效益偏向於短期;下調該業務的收入2%、2%及5%,以反映鑑於第三方項目競爭加劇,中期定價前景黯淡。
此外,該行維持對中海物業今明兩年每股盈利預測不變,但對其2025年每股盈利預測下調6%,料2023至2025年每股盈利預測複合年均增長率為21%,目標價由13元下調至11.6元,維持「買入」評級。
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