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Express News | BOCI Research maintained a buy rating for Greentown Ser with a revised target price of HKD 3.92.
BOCI Securities Limited: Maintains a "buy" rating on Greentown Ser (02869), with a target price of HKD 3.92.
Bank of China International is bullish on Greentown's (02869) strong third-party expansion capabilities and continuously improving efficiency.
Bank of China International has lowered the target price of Greentown Ser (02869.HK) to 3.92 yuan in Da Hang, expecting revenue to increase by more than 10% in the first half of the year.
According to a research report from Bank of China International, due to Greentown Service's brand support for third-party expansion and cooperation with local state-owned enterprises, the company's revenue in the first half of the year will increase by more than 10%, and gross profit will improve due to higher efficiency and simplified product lines. The core operating profit in the first half of the year increased by 15%, but the allowance for doubtful accounts will be higher than in the first half of last year, so net profit is expected to grow by less than 15% in the first half of the year. The bank believes that considering the challenging economic environment, the company's operating cash outflow in the first half of the year is expected to be higher than in the first half of last year, but operating cash flow will turn positive in the second half of this year due to seasonal factors. The bank is bullish on Greentown.
GREENTOWN SERVICE GROUP(2869.HK):1H24 PREVIEW:DOUBLE-DIGIT REVENUE GROWTH AND IMPROVING MARGIN
"Da Hang" Credit Suisse: Multiple communities in Chongqing request a reduction in management fees. If it spreads to more cities, it will put pressure on the profitability of property management stocks.
JP Morgan released a research report pointing out that many homeowners in Chongqing have requested a reduction in management fees since June, and there is an upward trend. Currently, most of the requests have not been successful, and there have been no similar requests in other parts of mainland China. JP Morgan believes that the current impact is still under control, but if this situation spreads to other cities, it may indeed bring profit pressure to property management companies. JP Morgan also pointed out that the process of reducing management fees is not easy, and the gross profit of most property management companies is currently in the middle single-digit low level, so they believe that there is not too much room for adjustment. The bank pointed out that this move may be a means for homeowners to demand that the management company improve their service level.
Mid-day overview: Hong Kong stocks are consolidating with the Hang Seng Index up nearly 2%; Mainland real estate is booming with Shimao Group up more than 14%.
Network technology rose, JD.com Group rose more than 4%, Meituan, Alibaba, Tencent Holdings, and Kuaishou all rose more than 2%.
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