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《大行報告》高盛降物管股目標價 偏好華潤萬象生活(01209.HK)、中海物業(02669.HK)、保利物業(06049.HK)及萬物雲(02602.HK)等國企
高盛發表報告指,中國物業管理板去去年在港股市場表現最差,反映增長展望大幅減速及憂慮民營內房股流動性展望,國營內房物管股估值收縮亦部分緣於投資者愈來愈擔心盈利質素,即應收賬在收入擴張下增長,且累計應收賬撥備少於私營同業。 該行對內房物管股進行情景分析,在沒有市盈率擴張及應收賬撥備增加下,就該行對相關股份估值進行壓測,顯示估值下行風險平均達14至36%,對比該行目標價給予該等股份平均37%上望空間。 該行認為國企內房物管股估值下行空間較民營同業低,因而偏好華潤萬象生活(01209.HK)、中海物業(02669.HK)、保利物業(06049.HK)及萬物雲(02602.HK),此外亦偏好綠城服務(02869.HK),基於更堅韌的盈利增長、3%至6%股息率及未來增加派息空間。 以下為高盛對部分內房物管股最新投資評級及目標價: 股份│投資評級│目標價 華潤萬象生活(01209.HK)│買入│54元->37元 中海物業(02669.HK)│買入│11.6元->8.3元 萬物雲(02602.HK)│買入│38元->30元 保利物業(06049.HK)│買入│56元->37元 綠城服務(02869.HK)│買入│6.1元->3.8元
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