《大行報告》大和降中海物業(02669.HK)目標價至9.6元 增長前景未變
大和發表報告指,中海物業(02669.HK)股價自收購通訊工程諮詢業務下跌約三成。公司上周宣布終止收購,該行認為目前為良好買入機會,基於吸引的估值及持續的穩定增長前景。
該行相信,即使收購終止,部分投資者對公司管理層能力的信心亦消減,並需時彌補。該行認為公司估值跌至吸引水平,2024年預測市盈率僅9.5倍近歷史低,並低於國企同業的12倍2024年預測市盈率。該行亦視公司為少數可投資物管股,受其國企背景、中海外(00688.HK)支持及包括非住宅物業的第三方業務擴張所支撐。該行亦預期公司2022年至2025年盈利年複合增長率28%跑贏同業。
大和重申對中海物業「買入」評級,目標價由11.8元降至9.6元,反映更具挑戰性的經營環境及市場對管理層信心減低,同時削減公司今明兩年每股盈利預測2%至6%,反映較低的盈利率假設。
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