大行評級|大華繼顯:下調內地物管股目標價 行業首選中海物業
大華繼顯發表研報指,對於內地物管行業,該行發現現金回籠情況較差屬普遍問題,並指中海物業仍是該行首選,目標價下調14.8%至6.9港元,給予“買入”評級。該行表示,保利物業去年表現低於預期,該行預計去年的營收及淨利潤按年增長均為單位數,至於該公司的目標則不低於10%,部分原因是預計社區和非業主增值服務的收入,以及利潤將出現負增長。不過該行亦預期,保利物業的派息率仍會有進一步上升的空間,目標價下調7%至6.9港元。該行亦指,碧桂園服務去年表現符合預期,該行預計由於基礎物業管理業務的韌性,該公司將兑現實現低單位數收入增長的承諾,預料核心淨利潤將按年跌30%。該行認為,由於碧桂園服務的策略性業務持續收縮,其核心盈利仍面臨壓力。
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