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研報掘金|中金:上調綠城服務目標價至4.6港元 潛在盈利釋放可能性提升
格隆匯 06-03 09:42
中金髮表報吿指,觀察到綠城服務過去兩年在企業經營管理方面的內部改革於財務報表一端初現成效,基於其深厚品牌底藴和市場化發展能力,認為效率優化與戰略聚焦有望在未來幾年逐步幫助公司彌補利潤釋放一端的短板,雖然近期報表層面淨利潤或仍可能受到減值影響而波動,但提示投資人關注改革效果釋放進程擇機佈局。報吿指,公司指引全年收入按年增長不低於10%,核心經營利潤按年增長不低於15%,中長期收入與利潤增速維持雙位數水平且核心經營利潤增速快於收入增速。該行預計穩定新拓展合同支持收入增長、提效措施持續深化有利於基礎物管業務保障利潤底線,若多元業務和減值有所改善則具備一定彈性。公司治理的持續提升及對股東回報的重視程度有望為公司的長期價值提供一定支撐。中金維持綠城服務“跑贏行業”評級,維持盈利預測,上調目標價35%至4.6港元,主要考慮到市場風險偏好上行以及潛在盈利釋放可能性提升。
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