Greentown Service Group (P Chip)

Greentown Service Group Co Ltd is a China-based company and mainly engaged in residential property management service. The main segments of the Company include Property Management Services, Property Consulting Services and Community Value-added Services. Property Management Services include security, cleaning, gardening, and repair and maintenance services. Property Consulting Services include consulting services to real estate developers and local property management companies to address various needs that arise during each major stage throughout the course of their property development projects and capitalizing on brand equity and expertise. Community Value-added Services mean that the Company provides property owners and residents of managed communities with access to an extensive array of daily necessities complemented by a wide assortment of life-style products and services through multiple channels.
  • Ticker02869
  • ISINKYG410121084
  • ExchangeHong Kong Stock Exchange
  • SectorReal Estate Investment & Services
  • CountryCayman Islands
UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property Management - Redefining industry value

Property owners have redefined the value of the property management industry following the COVID-19 outbreak. Portfolio diversification has enabled property management players to widen profit margins and diversify revenue streams. Two key forces driving management area growth are parent companies’ contributions and aggressiveness in M&A execution. M&As have fast-tracked management area growth for related companies and pushed up industry concentration. Maintain OVERWEIGHT.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

China Property Management: Redefining industry value. OVERWEIGHT

Property owners have redefined the value of the property management industry following the COVID-19 outbreak. Portfolio diversification has enabled property management players to widen profit margins and diversify revenue streams. Two key forces driving management area growth are parent companies’ contributions and aggressiveness in M&A execution. M&As fast-track management area growth and accelerate industry consolidation. Maintain OVERWEIGHT.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property Management - 2019 results review: High growth, improvements in industry concentration

Based on the 2019 results released by property management companies, more than 70% have achieved more than 30% yoy growth in revenue; some companies have even achieved growth of more than 100%. The Chinese property management market is entering a stage of high-speed growth with market size seeing rapid growth. Maintain OVERWEIGHT. Top pick: Ever Sunshine Lifestyle Services (1995 HK).

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Greentown Service Group - 2019: In line with our expectation

Greentown Service announced its 2019 results. Net profit of Rmb472.4m (1.4% yoy) was in line with our estimate. Three-year CAGR for managed area reached 24% yoy for 2017-19. The company has sped up expansion through aggressive acquisitions since its listing. But the weak growth rate of net profit slowed down earnings growth. Maintain HOLD with a new target price of HK$8.91. Entry price: HK$8.14.

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: EM Strategy

EM Outperforming; Favor EM over EAFE With many global markets crumbling last week, one might assume that EM would have underperformed -- but that is not what transpired. What we saw was a decline in the US dollar which, along with improving coronavirus metrics in China, led to EM outperformance. Reiterating our 12/20/19 EM Strategy, we continue to believe EM is a better place to be than EAFE, supported by new highs in the EM vs. EAFE ratio and our ongoing belief that the US dollar is likely not headed for meaningfully new highs in the near-term... see charts below. Below we highlight attrac...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: EM Strategy

EM Outperforming; Favor EM over EAFE With many global markets crumbling last week, one might assume that EM would have underperformed -- but that is not what transpired. What we saw was a decline in the US dollar which, along with improving coronavirus metrics in China, led to EM outperformance. Reiterating our 12/20/19 EM Strategy, we continue to believe EM is a better place to be than EAFE, supported by new highs in the EM vs. EAFE ratio and our ongoing belief that the US dollar is likely not headed for meaningfully new highs in the near-term... see charts below. Below we highlight attrac...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Dive, Testing Major Support Global equities have gone from extreme bullish sentiment and an extended market to panic and fear over coronavirus concerns. It is virtually impossible to predict what will happen regarding the virus or how much further markets could sell off as a result. Below we explain our outlook based on what we do know, which has been dampened but is not yet dire. • Indexes Testing Major Support. Major indexes are testing long-term base support and/or support at their respective 200-day MAs. These include the MSCI ACWI, ACWI ex-US, EAFE, EM, S&P 500, Nikkei 2...

Greentown Service Group Co Ltd: 1 director sold

A director at Greentown Service Group Co Ltd sold 139,465,661 shares at 7.717HKD and the significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property Management - Redefining industry value

Property owners have redefined the value of the property management industry following the COVID-19 outbreak. Portfolio diversification has enabled property management players to widen profit margins and diversify revenue streams. Two key forces driving management area growth are parent companies’ contributions and aggressiveness in M&A execution. M&As have fast-tracked management area growth for related companies and pushed up industry concentration. Maintain OVERWEIGHT.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

China Property Management: Redefining industry value. OVERWEIGHT

Property owners have redefined the value of the property management industry following the COVID-19 outbreak. Portfolio diversification has enabled property management players to widen profit margins and diversify revenue streams. Two key forces driving management area growth are parent companies’ contributions and aggressiveness in M&A execution. M&As fast-track management area growth and accelerate industry consolidation. Maintain OVERWEIGHT.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property Management - 2019 results review: High growth, improvements in industry concentration

Based on the 2019 results released by property management companies, more than 70% have achieved more than 30% yoy growth in revenue; some companies have even achieved growth of more than 100%. The Chinese property management market is entering a stage of high-speed growth with market size seeing rapid growth. Maintain OVERWEIGHT. Top pick: Ever Sunshine Lifestyle Services (1995 HK).

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Greentown Service Group - 2019: In line with our expectation

Greentown Service announced its 2019 results. Net profit of Rmb472.4m (1.4% yoy) was in line with our estimate. Three-year CAGR for managed area reached 24% yoy for 2017-19. The company has sped up expansion through aggressive acquisitions since its listing. But the weak growth rate of net profit slowed down earnings growth. Maintain HOLD with a new target price of HK$8.91. Entry price: HK$8.14.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property Management - 2019 results review: Potential widening of profit margins

Strong profit growth with potential widening of profit margins for financial year 2019 is expected. Cost savings achieved from economies of scale and technology adoption will be able to effectively reduce operational expenses and improve operational efficiency. Value-added services is expected to be the focus of the sector going forward, with greater upside potential and significantly higher profit margin. With share price currently trading at relatively high level, a more cautious approach would be suggested. Maintain OVERWEIGHT.

UOB
Joyce Chan Pui Lai ...
  • Nick Liu Sunliang
  • Robin Yuen
  • Shaun Tan

Greater China Daily: Friday, July 12, 2019

KEY HIGHLIGHTS CHINA Sector Property Embracing megacity clusters. Update Anta Sports (2020 HK/BUY/HK$51.30 /Target: HK$60.00) 2Q19 operational data in line while management rebuts short-seller allegations. TRADERS’ CORNER China Overseas Grand Oceans (81 HK): Trading Buy Range Greentown Service (2869 HK): Trading Buy Range

UOB
Shaun Tan

Greater China Daily: Monday, January, 14, 2019

KEY HIGHLIGHTS HONG KONG Sector Property Weekly Wrap-up: Home prices resume decline while transaction volumes rise. TRADERS’ CORNER Greentown Service (2869 HK): Trading Buy Range Li Ning (2331 HK): Trading Buy Range

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