Professional
Added to YB: 2024-10-22
Pitch date: 2024-10-18
2869.HK [bullish]
Greentown Service Group Co. Ltd.
+11.7%
current return
Author Info
No bio for this author
Company Info
Greentown Service Group Co. Ltd., together with its subsidiaries, provides residential property management services in the People's Republic of China and internationally.
Market Cap
HKD 12.7B
Pitch Price
HKD 4.01
Price Target
6.13 (+35%)
Dividend
3.02%
EV/EBITDA
5.45
P/E
19.03
EV/Sales
0.47
Sector
Real Estate Management and Development
Category
growth
Greentown Service (2869 HK): Solid 1H24 against industry headwinds
2869.HK: Revenue +11% YoY, core OP +26% in 1H24. Core OPM +1.2ppts to 9.8%. Strong parentco support (+227% YoY GFA) offsets 3rd party competition. Expects >20% core OP growth, 15% cash growth in 2024E. BUY, TP HK$6.13 (46% upside), 25x 2024E P/E. Risks: AR impairment, competition.
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