《大行報告》中金下調部分內地物管股目標價 反映投資者風險偏好下行
中金發表研究報告指,內地物管公司基本面兌現大致延續上半年趨勢,預料穩健型物企的首三季各業務按節奏推進;中金預計,中海物業(02669.HK)、保利物業(06049.HK)、招商積餘(001914.SZ)、綠城服務(02869.HK)等延續上半年外拓體量按年有增勢頭,並繼續邁向其全年目標,全年維度基礎物管利潤率有望保持穩定。
中金表示,在物管板塊中,推薦萬物雲(02602.HK)、華潤萬象生活(01209.HK)、保利物業、中海物業、招商積餘和綠城服務;同時推薦綠城管理控股(09979.HK),認為其未來1至2年成長性及當前派息率均領先行業。
中金維持覆蓋公司評等不變, 調整部分目標價,以反映目前港股及房地產beta環境下投資人風險偏好下行。當中萬物雲目標價下調至32.4元、綠城服務則下調至4.1元、中海物業目標價下調至8.8元、華潤萬象生活目標價39元、保利物業目標價下調至41.3元,均給予「跑贏行業」評級。
公司 │ 評級 │ 目標價 │ 調整幅度
萬物雲(02602.HK) │ 跑贏行業 │ 32.4元 │ -24%
綠城管理(09979.HK) │ 跑贏行業 │ 8.5元 │ -11%
保利物業(06049.HK) │ 跑贏行業 │ 41.3元 │ -21%
中海物業(02669.HK) │ 跑贏行業 │ 8.8元 │ -15%
綠城服務(02869.HK) │ 跑贏行業 │ 4.1元 │ -21%
碧桂園服務(06098.HK) │ 跑贏行業 │ 7.9元 │ -28%
金科服務(09666.HK) │ 跑贏行業 │ 9.5元 │ -27%
雅生活服務(03319.HK) │ 中性 │ 4.1元 │ -32%
世茂服務(00873.HK) │ 中性 │ 1.4元 │ -26%
寶龍商業(09909.HK) │ 中性 │ 3.4元 │ -28%
旭輝永昇服務(01995.HK) │ 跑贏行業 │ 1.4元 │ -76%
(ca/u)
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