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半年多賺60% 倍升股新城悅服務破頂可高追?

新城悅服務(SEHK:1755)在上半年錄得強勁增長,值得投資嗎? –

物業管理有望成為「免疫」板塊,領先營運商——新城悅服務SEHK1755)在期內錄得可觀增長,到底中期業績有何亮點?值得投資嗎?

板塊免疫成績佳

新冠肺炎疫情為各行各業帶來沉重打擊,但亦有受惠板塊如手遊等新經濟產業,物業管理則是「免疫」板塊之一,防守力好比公用事業。物管業務的高確定性在疫市中鋒芒畢露,這是因為物業管理服務有著慣性需求,項目頻頻更換服務商的意欲不大,疫市期間住房需求穩定,物管公司業績因而靠穩。新城悅服務的收入在上半年錄得逾40%增長至12.2億元(人民幣·下同),股東應佔利潤更大增61.1%1.9億元。

增值服務增長強

新城悅服務主要提供兩類服務,包括核心物管服務,以及開發商、社區、智慧園區相關的增值服務。疫情期間,集團旗下分部均錄得增長,核心物管服務收入按年增加33.3%,而社區智慧園區相關的服務收入增長顯著,同比增幅分別為94.7%133%

新城悅服務期內的在管面積7,100萬平方米,較去年底增加18.4%,其中第三方在管面積的增幅尤其重要,較去年底增加逾40%,佔期內新增在管面積70%。這主要可歸因於集團在上半年收購誠悅時代」帶來貢獻,以及新房交付踏入高峰期。

增值服務方面,期內受疫情影響物業銷售活動,集團向物業開發商提供的服務需求增長受挫,同比增幅僅得8.8%。面向業主社區增值服務則受惠於期內新交付項目增加,「新橙居」提供的裝修服務受惠增長,而疫情間集團旗下主攻家居生活服務的「新橙社」為住客提供生鮮產品採購及送貨上門服務更成為重要增長動力,管理層指出新橙社上半年收入已超越去年全年收入。

結語:增長前景明朗

展望中長線,新城悅服務積極拓展第三方在管項目的策略有望繼續成為集團的增長引擎,而物業增值服務的滲透度提升則可鞏固集團的盈利能力。增長前景明朗,加上業務確定性高,新城悅服務的投資價值在疫市有增無減。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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