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大和:予雅生活服務(3319.HK)“買入”評級
格隆匯 02-12 14:12
大和發表的研究報告指,雅生活 服務 (3319.HK) 發盈喜,料2019年淨利將按年增逾45%,主要因為管理面積增加、多元化增值業務利潤較高及行政開支管控措施有效。該行估計2019年公司淨利將按年增52%至12.19億元(人民幣,下同),認為發盈喜有正面作用,並估計純利增長將達45%,高於市場預期的41%。
在物業管理方面,該行估計截至2019年底管理面積將按年增78%至2.46億平方米,主要受惠公司去年完成收4項收購,同時亦估計公司在社區增值服務等的收入增長可達48%,增長至25.97億元。該行指,集團現價為2020年市盈率預測22.7倍,低於同業平均值,給予評級“ 買入 ”。
公司相信,旗下物管業務不太受新型冠狀病毒爆發影響,雖然很多公營項目未有營運,但公司仍在收取管理費,至今公司亦未有調整2020年管理面積目標,但認為亦要視乎疫情持續多久,而與其他物管公司類似,公司亦有增加旗下項目的清潔及消毒,認為相關成本將少於1000萬元,而增值服務方面亦受惠線上採購及其他服務需求提升,但估計延伸增值服務或會受疫情影響。

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