大行评级丨高盛:下调中海物业评级至“沽售”,目标价降至5港元

格隆汇
Sep 03, 2025

高盛发布研报称,中海物业凭借更稳定的业务前景及来自国企母公司中国海外的坚实支持,表现优于同行。但中海物业相对于大市表现不佳的原因在房地产市场持续逆风,这继续拖累物业管理行业的业务前景和估值,以及中海物业自身盈利和盈利增长放缓,加上股东回报增长可预见度较低。高盛对中海物业2025-2027年纯利预测平均下调11%,以反映收入预测平均降13%,预计2025-2027年间收入年均复合增长5%,并降2025-2027年自由现金流及经营现金流预测平均各16%及13%。目标价由6.1港元下调至5港元,评级由"买入"一举降至"沽售"。

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