FSE Lifestyle Services - Stock Analyst Research

Target Price*HKD 6.45
Recommendation ACCUMULATE
Market Cap*2376
Publication Date31 Jan 2024

*At the time of publication

豐盛生活服務 (00331.HK) 未完成合約總額高達 130 億元.具穩定的自然增長潛力

豐盛生活服務(「豐盛生活」)是一家生活服務綜合企業,擁有三個主要業務分部:
(i)物業及設施管理服務、(ii)綜合生活服務及(iii)機電工程服務。公司的服務透
過屬下八組成員集團公司提供,包括富城集圑、僑樂集團、惠康服務集團、豐盛環保
科技集團、香島園藝有限公司、大眾安全集團、新域保險集團及豐盛機電工程集團。
豐盛生活旗下公司為從事多種項目的客戶,包括遍及在香港、澳門及中國內地從事物
業發展、公共基建、教育及交通設施以及娛樂及旅遊行業的承辦商,提供全面「一站
式」的專業服務。公司的主要客戶涵蓋香港特區政府、跨國企業、物業的業主及投資
者、主題公園、大學、私人及公共設施的酒店和醫院。
未完成合約總額高達 130 億元.具穩定的自然增長潛力
FY2023(截至 2023 年 6 月底止年度),整體收入 77.672 億(港元.下同),按年增
11.5%。股東應佔溢利為 5.229 億元,按年增 4.0%,主要由於清潔及除蟲、技術支援
及維護、保險服務、環保服務及機電工程業務表現強勁,惟部分被來自保安護衛及活
動服務業務的貢獻減少、政府補助減少,及企業融資成本增加的影響所抵銷。若撇除
政府補助及非經常性項目的影響,FY2023 經調整純利 4.459 億港元(即自股東應佔溢
利 5.229 億元扣除保就業計劃政府補助 7700 萬元),較 FY2022 經調整純利的 4.147
億港元,按年增加 7.5%;每股基本盈利 1.14 元,按年增加 3.6%。末期股息每股 21.3
仙(FY2022:24.1 仙),全年派發 45.8 仙(FY2022:45.0 仙),派息率(按經調整
溢利佔比)為 40.1%(FY2022:41.0%,按經調整溢利佔比)。

About the author

Eric Li
Analyst
Research

李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.

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IMPORTANT INFORMATION

This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

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Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

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