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According to CRIC: In January, the top 50 Property Service companies added contract area of approximately 78.08 million square meters, and the leading companies continue to expand their scale.
In terms of urban service projects, CHINA RES MIXC became the champion of contract amounts for urban service projects in January with a contract value of 83.95 million yuan.
UBS Group's investment ratings and Target Price for property and property management stocks (table).
UBS Group published a research report, listing the latest investment ratings and target prices for domestic property management stocks and related service providers as follows: Stock | Investment Rating | Target Price (HKD) CHINA RES LAND (01109.HK) | Buy | 42 HKD -> 37 HKD CHINA OVERSEAS (00688.HK) | Neutral | 12.5 HKD LONGFOR GROUP (00960.HK) | Neutral | 11 HKD -> 10.3 HKD CHINA VANKE (02202.HK) | Sell | 2.6 HKD C&D INTL GROUP (01908.HK) | Neutral |
UBS Group expects that last year's profitability in the domestic real estate and property management sectors still faces pressure, lowering the Target Price for Sunac (01109.HK), Longfor (00960.HK), and KE Holdings (02423.HK).
UBS Group released Research Reports, predicting that in 2024, profits for mainland Real Estate Developers will decline by 27% year-on-year, worsening from a 22% drop projected for the first half of 2024, mainly affected by the decline in mainland housing prices in the third quarter of last year. Specifically, the bank predicts that the smallest profit decline last year will be for CHINA RES LAND (01109.HK), estimated to drop 2% year-on-year, followed by GREENTOWN CHINA (03900.HK), YUEXIU PROPERTY (00123.HK), China Overseas (00688.HK), and Longfor (00960.HK), with profit decline forecasts of 8% and 18% respectively.
Morgan Stanley lowered the Target Price of GREENTOWN MGMT (09979.HK) to 3.52 yuan and reduced earnings estimates.
Morgan Stanley released a report adjusting the earnings forecast for Greentown Management (09979.HK) to reflect the pressure on profit margins, primarily impacted by the decrease in the realized rate for commercial contracting and government contracting amid intensified industry competition and a sluggish property market last year. The slowdown in revenue recognition due to quiet construction activities in the second half of last year, along with the decline in savings interest rates and reduced cash balances leading to a drop in interest income in the same period, contributed to this adjustment. The firm has lowered the revenue forecast for Greentown Management from 2024 to 2026 by 3% to 5%, reflecting a slowdown in project construction. Coupled with a decline in gross margin, the firm has adjusted its profit forecast for the company for 2024 to 2026 downwards by 13.4.
[Brokerage Focus] Ping An Securities: As the Spring Festival holiday approaches, the real estate Industry is expected to enter a period of sluggish transactions in the short term.
Jinwoo Financial News | Ping An Securities has released its monthly report on the real estate Industry. With the approach of the Spring Festival holiday, it is expected that short-term transactions will enter a period of stagnation. In the mid-term view, the current high point of the property market in terms of volume and price has clearly receded. Coupled with the reduction of down payments and interest rates, the threshold for residents to purchase property has significantly improved. Although the existing inventory is high and expectations for housing prices and income still constrain the property market's performance, it is believed that the sharp decline in the market has passed. As more high-efficiency, high-quality products enter the market, some demand may flow back from the second-hand housing market to the new housing market, leading to a stabilization of high-quality products in the market first. The short-term focus should be on the performance from after the Spring Festival to March. On the indiv
[Brokerage Focus] Morgan Stanley lowered the Target Price of Greentown Management (09979) by 4.1%, citing the dull real estate market last year leading to pressure on company profit margins.
Jinwu Finance | Morgan Stanley stated that it has adjusted the earnings forecast for GREENTOWN MGMT (09979) for the following reasons: First, the real estate market is expected to perform poorly in 2024, and the project management and government project acquisition rates are expected to decline, leading to pressure on profit margins; Second, construction activity remains sluggish in the second half of 2024, which slows down revenue growth expectations; Third, interest rates are expected to decline in the second half of 2024, and cash balances are decreasing, resulting in lower interest income. Based on these factors, Morgan Stanley has revised the company's revenue forecasts for 2024-2026 down by 3%, 3%, and 5%, respectively.