美银证券发表报告，预期内地物业管理股受惠任何房市刺激政策，但短期或欠缺行业的催化剂。另一方面，该行认为管理费收取及定价压力或构成长期隐忧。撇除碧服(06098.HK) ，该板块估值相当于预测今年市盈率11倍，对比未来10%盈利增长及逾4%的2024年预测股息率。
基于行业整体增长放缓，该行偏好基本因素稳固及股东回报政策较友好的股份，因而维持对保利物业(06049.HK) 及华润万象生活(01209.HK) 的“买入”评级，并维持对选择性选股看法，目标价削减5%，主要基于今年业绩预测下调。
该行下调对行业2024年至2026年盈利测介乎3%至5%，去年收入及核心盈利增长预测料分别9%及14%，今明两年行业盈利增长料各放缓至12%及10%。
下表为该行对内地物管股H股最新投资评级及目标价：
股份│投资评级│目标价(港元)
碧桂园服务(06098.HK) │跑输大市│4.7港元→4.4港元
中海物业(02669.HK) │中性│5.3港元→4.8港元
华润万象生活(01209.HK) │买入│35港元→34港元
绿城服务(02869.HK) │中性│3.8港元
万物云(02602.HK) │中性│21.3港元
保利物业(06049.HK) │买入│38港元→36港元
(fc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-06 16:25。)
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