[方达金融] 资金追入落后股份 二三线物管股值得关注
-在新冠疫情爆发后各国经济都受到不同程度的影响，资本市场投资者更多地关注有稳定需求支撑的板块。其中物管板块因为受疫情影响较小，同时由于其轻资产模式，收入稳定，现金流稳健，抗通胀且兼具高确定性成长的特性受到资金追捧。
-最近一段时间，壹线物管股受到资金追捧后市盈率较高。我们观察到有部分香港上市的物管股出现在高位折让配股融资的举动，用于扩充经营等。然而，市场忧虑配股潮或出现在升幅较为明显的一线物管股，不排除受此因素影响，市场近日转为追捧较为落后的二线物管股。
-我司考虑近期美股及香港市场追捧落后板块和股份，相信近期估值相对落后的二线物管股可能会受惠，投资者可关注有较强实力的地产业母公司的相关股份，捕捉低位买入的机会，值得留意的有彩生活(1778)，可趁股价回调时分段吸纳。
参考资料：彭博
-After the outbreak of the Covid-19 epidemic, the economies of various countries have been affected to a certain extent. Investors have been focusing on sectors supported by stable domestic demand. Among them, the property management sector has received widespread attention because it is less vulnerable to the pandemic amid its asset-light business model, stable management fees, steady cash flow, as well as anti-inflation and high deterministic growth characteristics.
-Previously, the first-tier property management stocks have been sought after by funds resulting in a higher price-earnings ratio. Recently, a few of the property management stocks listed in Hong Kong have announced the placing of existing shares, at a significant discount to the current market price, for the reasons of expansion of operations. However, the market worries that these placements would become a trend for those stocks whose market prices has surged recently. It is believed that such factor hasled to the flow of capital into the second tier property management stocks which have relatively underperformed recently.
-In view of the recent pursuit of lagging sectors and shares in the US and Hong Kong stock markets, we believe that the second-tier property management stocks with relatively attractive valuations may benefit. Investors could eye on those companies whose parent property company has relatively strong fundamentals in the property sector and capitalise the buying opportunities. The Color Life Services Group (1778) could be a good target for buying in stages when stock price pulls back.
Reference: Bloomberg
