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    首頁 > 新三板觀察 > 政策 > 文章詳情頁

    物業公司IPO前赴后繼,還有一家頭部企業在籌謀上市……

    物業公司IPO前赴后繼,還有一家頭部企業在籌謀上市…… 中國金融觀察網www.uasevent.com

    自從2018年起物業公司上市進入集中爆發期之后,2019年物業管理行業的資本市場熱度仍持續提升。日前已從新三板退市的藍光嘉寶通過港交所聆訊,而另一家物業服務巨頭保利物業也宣布H股上市申請材料獲中國證監會受理。此外,開元物業首次公開發行股票并在創業板上市申請已獲證監會受理。

    物管行業的資本化風起云涌,相關新三板公司自然也不會缺席。業內分析人士認為,由于新三板企業的公司規模層次不齊,所以盈利能力是辨別成長性的重要一點,可重點關注規模與絕對營收較高的龍頭股以及相對增速較高的績優股。

    物管公司再迎上市潮

    6月11日,四川藍光嘉寶服務集團股份有限公司于港交所披露通過上市聆訊后的IPO申請材料。

    藍光嘉寶是A股上市公司藍光發展旗下物業公司,一直專注于為住宅、商業、寫字樓、工業園區等業態社區和項目提供專業、便捷、高效的物業服務及顧問咨詢服務、生活家社區經營業務。藍光發展通過四川藍光和駿實業有限公司持有嘉寶股份95.37%。藍光嘉寶在中國西南地區及四川省的在管總建筑面積分別為28.8百萬平方米及24.1百萬平方米,名列2018年中國物業服務百強企業第4及第1名,整體實力為四川第1及全國第13位。

    2015年12月,該公司曾以“嘉寶股份”為證券簡稱在全國股轉系統掛牌公開轉讓, 后于2018年7月摘牌。

    同樣走“退市+赴港上市”這一路徑的還有物業管理行業頭部企業保利物業。6月3日,保利地產公告,全資子公司保利物業境外(H股)首次公開發行股份申請材料獲中國證監會受理,如果順利單獨分拆上市,將助力公司物業板塊加速發展。

    保利物業于2017年8月29日在新三板掛牌,今年4月11日宣布摘牌,5天后即宣布將赴港上市。業內預計,若此次順利上市,保利物業的市值將超過300億元。

    截至2018年6月末,保利物業合同面積首次突破2億平米,同比增長66.18%;其中外拓項目面積占比高達58.19%,外拓項目中非住宅項目面積占比近50%。截至2018年末,公司物業管理布局全國131個城市,綜合實力位居國內物業管理行業前5名。

    此外,目前開元物業正在闖關A股IPO,其首次公開發行股票并在創業板上市申請已在2018年12月獲證監會受理,目前正在停牌中。開元物業是開元旅業集團旗下物業管理板塊,于2015年2月10日掛牌新三板,致力于為住宅、商業物業及其他機構,如銀行、醫院、政府等提供專業物業管理服務。

    值得一提的是,今年還發生了一起港股物業公司并購新三板物業公司的案例,頗受市場注目。1月23日,港股公司雅生活服務發布公告,公司收購華仁物業合共89%股權,總對價約為1.34億元。華仁物業于2015年4月在新三板上市,致力于為山東省內的住宅物業、辦公樓及其他市政項目提供物業管理服務。截至2018年12月31日,其在管項目為38個,總在管面積約570萬平方米。

    近年來,物業公司掀起上市及資本化運作熱潮,特別在2018年更是進入集中爆發期。當年有6家物業公司上市,相當于2014年至2017年上市家數之和:2018年南都物業成為首家成功登陸A股市場的物業公司;雅生活、碧桂園服務、新城悅、佳兆業物業和永升生活服務相繼登陸港股市場。其中,旭輝集團旗下的永升生活服務于2018年12月在港交所成功掛牌上市,成首家從新三板“轉板”的物業股 ,其于2017年4月14日在新三板掛牌,2018年3月9日摘牌。

    物業公司IPO前赴后繼,還有一家頭部企業在籌謀上市…… 中國金融觀察網www.uasevent.com

    2014年以來成功上市的物業公司

    借助資本市場實現業績增長

    東方證券認為,物業公司集中上市潮的出現主要基于兩點原因:一是對規模和市占率的訴求,希望借助資本市場進行融資進而擴大管理規模。二是資本市場逐步認識到物業公司的價值,給予物業公司明顯高于開發商的估值水平,這也給房企拆分物業子公司單獨上市提供了充足的動力。

    從已上市的物業公司的經驗來看,“物業+資本”確實擦出了耀眼的火花。

    今年以來,多家港股上市物業公司漲幅超過30%,明顯跑贏大盤,包括碧桂園服務、中海物業、佳兆業物業、新城悅、永升生活服務等。其中由新三板轉板的永升生活服務大漲87.64%,市值達到51.32億港元,動態市盈率約45倍。

    國信證券(香港)分析師徐進介紹,彩生活、中海物業、綠城服務分別于2014年、2015年、2016年在港股上市,從上市年到2018年末,三家公司營業收入分別增長826.7%、63.4%、80.0%,凈利潤分別增長232.2%、243.6%、68.7%,上市物業管理企業借助資本市場實現了業績的快速增長。另一方面,多數物業管理公司也均借助上市實現了現金持有量的大幅增長,例如,2018年上市的雅生活服務借助上市融資約39.2億港元,碧桂園服務在介紹上市后半年內配股融資約19.4億港元。

    物業公司IPO前赴后繼,還有一家頭部企業在籌謀上市…… 中國金融觀察網www.uasevent.com

    來源:國信證券(香港)

    據安信證券的數據,自2014年起,物管企業相繼登陸新三板市場,其中2014年迎來掛牌高峰,24家企業亮相新三板,較上年同期掛牌數量翻番。

    目前新三板市場上以物業管理為主的房地產服務板塊共有70家公司,其中今年有成交的公司有39家。在可統計的公司中,過半公司的動態市盈率在20倍以下,相較之下,多家港股上市物業公司的市盈率在24倍至45倍之間。從市值上看,新三板中的明星企業第一物業、開元物業的市值分別為9.04億元和7.69億元。而港股上市物業公司中,包括永升生活服務在內,還有雅生活服務、新城悅、彩生活、中海物業、綠城服務和碧桂園服務總共7家公司市值超過50億港元,其中碧桂園服務市值達到438億港元。

    徐進認為,當前物業管理行業正在快速增長的黃金發展期,預計到2022年全國物業管理規模將超過1萬億元。未來,物業管理行業集中度將進一步提升,行業龍頭在市場競爭中的優勢愈發明顯。

    借助資本市場,使估值修復更上層樓,是新三板物業公司努力尋求上市的動力。安信證券認為,新三板是物管公司的天然沃土,中小企業在三板上市可以增多并購機會,提高融資能力,化解盈利不及A股門檻的尷尬。此外,全國中小企業股份轉讓系統與香港交易所在北京簽署的合作諒解備忘錄使中小微企業得以實現兩地掛牌上市,以及雅生活服務正在謀求“ A+H”架構,都提供了物管企業亮相資本市場的新思路。其認為,企業的成長性是投資主線,建議關注盈利能力及成長性較好的新三板物業公司。

    原文來自: 中國金融觀察網

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