金吾财讯 | 物业管理股部分走强，碧桂园服务(06098)涨4.02%，宋都服务(09608)涨1.53%，华润万象生活(01209)涨1.45%，正荣服务(06958)涨1.32%，佳源服务(01153)涨1.2%。消息面上，摩根士丹利发表研究报告指，随关联方影响的减少和内房市场的触底，预期内地物业管理行业会在今年回复稳定。面对市场扩张竞争加剧，该行偏好具备强大市场整合能力、盈利增长明朗和具吸引力股东回报的“超额”(alpha)投资机会。该行亦提出，更偏好商场经营者，因为在宏观疲软下显出更强的业务韧性，将受益于更好的现金回收和更快的市占率增长，这得益于重新聚焦的租户资源和充足的行销预算来吸引客流。大摩料内地物管行业今年回归正常，行业盈利重整基本完成，认为随著今年房市见底、销售及楼价跌幅收窄，料物业管理行业的情绪今年会逐步改善，带来潜在的重新评级机会。该行料2024年至2026年各年盈利增长分别为3%、9%及9%，期内的每股盈利年均复合率达7%，以及股东回报迎来改善。
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