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<Research>M Stanley Cuts TPs for Property Managers, Downgrades GREENTOWN MGMT to Equalweight
Recommend 14 Positive 15 Negative 13 |
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Morgan Stanley commented in its research report that even though the growth of the value-added service business of property management stocks was sluggish amid the weak macro-economy in China, the core business of property management stocks maintained a mid-double-digit (about 13-17%) growth in 1H24. With a lower base in 2H24, Morgan Stanley expected the sector to achieve full-year earnings growth of 7% and a dividend yield of 6%. In the sector, the broker preferred CHINA RES MIXC (01209.HK), GREENTOWN SER (02869.HK), and POLY PPT SER (06049.HK). Given the current macro headwinds, the broker preferred defensive companies with the potential for sustained natural growth, strong cash flows, and dividend upside. Stock | Investment Rating | TP A-LIVING (03319.HK) | Underweight | $1.95 → $1.85 CG SERVICES (06098.HK) | Underweight | $3.81 → $3.22 CHINA RES MIXC (01209.HK) | Overweight | $41.49 → $33.23 ONEWO (02602.HK) | Equalweight | $21.23 → $19.39 POLY PPT SER (06049.HK) | Overweight | $44.07 → $32.41 SUNAC SERVICES (01516.HK) | Equalweight | $1.75 → $1.53 GREENTOWN MGMT (09979.HK) | Overweight → Equalweight | $7.58 → $3.18 AAStocks Financial News |
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