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物管行業盈喜不斷,具發展增值服務公司宜多加留意

在過去一個月內,不少物管股公佈盈喜和全年業績,反映出物管行業的公司基本面仍與過住的高確定性和高成長性相符,在利率上升憂慮中,物管板塊作為成長股亦出現回調,現時部分龍頭物管公司估值處於吸引的水平。在今年初,國家推出有關加強和改善物業管理行業的政策,為未來行業發展提供方向。

一月初,住建部、發改委、銀保監會等十部委發佈《關於加強和改進住宅物業管理工作的通知》,內容包括將物管融入基層社會治理體系、提升物業管理服務水準、健全業主委員會治理結構、推動發展生活服務業、規範維修資金使用和管理、強化物業服務監督管理。

當中比較值得關注的兩點包括對物業服務價格的建議和鼓勵行業發展增務。

1) 在通知中的第十一項,完善物業服務價格形成機制。物業服務價格主要通過市場競爭形成,由業主與物業服務企業在物業服務合同中約定服務價格,可根據服務標準和物價指數等因素動態調整。在今次的通知下,明確提出完善物業服務巿場化定價機制,消除了過往投資者對物業管理費的提價限制的擔憂。在未來,基礎物業管理服務亦能透過價格調整的方式為優質的物管公司提供持續的盈利增長動力。

2) 在第十五項中,為行業未來發展提供建議,透過優惠扶持政策鼓勵物管公司向養老、托幼、家政、文化、健康、房屋經紀、快遞收發等領域延伸,探索“物業服務+生活服務”模式,滿足居民多樣化多層次居住生活需求。政策尤其利好在政策提出前,已部署社區增值服務的物業管理公司。

撰稿: 莊嘉城研究分析員
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