瑞银:雅生活(3319.HK)收购中民物业股权正面 行业首
瑞银发表的研究报告指,雅生活服务(03319.HK)宣布将收购中民物业及新中民物业60%股权,当中拟以15.6亿元人民币(下同)收购中民物业,约为其2019预测市盈率的12.5倍,而购新中民物业的价格则待定。该行对收购看法正面,认为当中一半的目标管理面积是属公共物业,意味其入场门槛较高且较少受到物业周期所影响,而目标公司有2.94亿平方米管理面积,并有八个品牌在2018年内地首100名物管公司名单中。
该行指出,交易完成後雅生活的管理面积将增139%至5.05亿平方米,此外目标公司在123个城市营运1,990个项目,平均每个城市营运16个项目,认为规模扩张及项目增加有助释放其增值服务潜力,而管理层亦相信未来增长将受第三方扩张所带动而非并购,主要因为公司有较强的品牌,以及目标公司拥较强的第三方扩张能力。瑞银认为雅生活估值吸引,现价约为2020年预测市盈率的14.4倍,而2019-21年每股盈利年复合增长可达31%,是该行所覆盖的领域中最为吸引。
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