摩根士丹利发表研究报告指,预期内地物业管理行业上半年收入平均按年升5%,盈利平均升6%,营运效率提高,但个股表现分化,当中绿城服务及华润万象生活的盈利增长最高,达15至20%;万物云为10至15%,再之后是保利物业与中海物业,录得中单位数增长;至于碧桂园服务与融创服务,可能录得5至10%的跌幅。 该行指,考虑到现金回款和股息能见度是中期业绩的关注重点,偏好盈利能力可见、派息前景稳健及现金回款状态健康的公司,当中包括华润万象生活及绿城服务,因其增长及回报具韧性,目标价分别为42.49港元及5.18港元,均予“增持”评级;另外亦看好高收益率的公司,如万物云及绿城管理控股,予前者目标价22.51港元及“与大市同步”评级,予后者目标价3.51港元及“增持”评级。
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