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[Brokerage Focus] BOCOM INTL maintains a Buy rating on CG SERVICES (06098), believing that the decline in future revenue and gross margin will become more stable.
According to BOCOM INTL Research Reports, after CG SERVICES (06098) submitted its annual report for the fiscal year 2024 and provided more detailed information, the bank has adjusted its Financial Estimates. The bank stated that in 2024, revenue is expected to grow by 3.2% year-on-year to 43.99 billion yuan (RMB, same below), with an overall gross margin declining by 1.4 percentage points to 19.1%. The core Business revenue's proportion is expected to increase to approximately 87.0% in 2024, while the non-owner value-added service revenue, which is most affected by market conditions, accounts for only about 1.6% of the total annual revenue. The bank believes that the company's future revenue and gross margin decline will stabilize more.
CG SERVICES: 2024 ANNUAL REPORT
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Hong Kong stocks are experiencing unusual movements | Property management stocks are warming up today. The cash level in the property management Industry continues to rise. Institutions are Bullish on the continuous growth and dividend attributes of the i
Property management stocks rebounded today. As of the time of reporting, CHINA RES MIXC (01209) is up 4.17%, priced at 34.95 HKD; YONGSHENG SERVICES (01995) is up 3.57%, priced at 1.74 HKD; SUNAC SERVICES (01516) is up 3.21%, priced at 1.61 HKD; CG SERVICES (06098) is up 1.97%, priced at 6.72 HKD.
[Brokerage Focus] CITIC SEC expects that the Property Service industry will encounter three major opportunities in 2025.
Jinguo Financial News | CITIC SEC believes that the Property Service Industry will迎来three major opportunities in 2025. First, the price mechanism is gradually being rationalized, pushing for a policy turning point that promotes quality services at competitive prices. It is expected that the current difficulties in collections may ease, and companies providing good services for quality properties will be more encouraged by policies; secondly, a turning point in enterprise operation quality. The bank expects that by 2025, the performance contribution of cyclical businesses (serving developers) to the Sector will drop to nearly zero, with the accrual of goodwill and receivables impairment peaking, leading to an expected performance growth rate of 9.7% in the Sector, with sustainable profitability expected to improve significantly; finally, companies will continue to increase Cash.
CITIC SEC: Quality and price matching may become a direction encouraged by policy. The property Sector has significant upward elasticity in the future.
The bank suggests that investors pay attention to the policy turning point in the Property Service Sector.
