大行評級|美銀:將綠城服務評級升至“中性” 目標價上調至3.5港元
美銀證券研究報吿指,綠城服務上半年核心經營溢利及純利分別按年升26%及21%,均勝過該行預期。管理層將今年核心經營溢利增長目標由15%上調至20%,目標在今年擴大毛利率0.5個百分點,同時控制銷售及行政費用成本比例減少0.6個百分比,派息比率不會少於盈利的50%。如出現重大減值或需要進行撥備,管理層會考慮派特別息彌補,股份回購將會繼續。管理層目標費用收取率會在今年上升1個百分點,應收帳增長應少過收入增長。
該行認為,公司在2025年至2026年可以達到核心經營溢利或純利增長10%,上調今明兩年的盈利預測5%至8%。公司目前的股價為今年預測市盈率13倍,加上股息率4.7%,估值屬合理,但對比其他估值較高的國企同業未算吸引。該行將綠城服務的評級由“跑輸大市”升至“中性”,目標價由3.2港元上調至3.5港元。
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