智通财经APP获悉，美银证券发布研报称，去年中国物管行业的现金水平持续上升6%，目前平均占其市场份额的50%。现金的累积可能使行业在市场低迷时相对更具防守性，但这亦表明物管公司缺乏投资机会。如果该行业的自由现金流保持稳健，该行认为行业可透过进行新投资、进一步提高股东回报及潜在私有化机会来调配资金。
该行对行业选股持选择性态度，即使估值不高，惟利润率及账款回收料更长时间受压，该行偏好营运稳定及拥有可持续股东回报的公司，即华润万象生活(01209)及保利物业(06049)。由于华润万象生活的盈利能见度较同业高，将其目标价调升5%至40港元。该行另下调保利物业目标价3%至35港元。该行重申两间公司的“买入”评级。由于碧桂园服务(06098)有盈利趋稳的潜力，将其目标价上调15%至6港元，惟由于其长期增长前景疲弱，重申其“跑输大市”评级。
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