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ZS is a property management service provider in China. As of September 30, 2019, the company operated in four major regions in China, the Yangtze River Delta Region, Western Straits Region, Midwest Region, and Bohai Rim Region. It had 136 projects under management covering 34 cities with a total GFA of 21m sqm and total contracted GFA of 34.4m sqm.
Overall revenue grew well, at 67.2% and 61.3% YoY for 2018 and 9M 2019, respectively. Growth was largely driven by an increase in GFA under management from third-party property developers. This led to a decline in Zhenro Property Group’s contribution to property service management total revenue, falling from 88% in 2017 to 67.7% in 9M 2019. Furthermore, the average overall management fee charged by ZS has fallen.
However, that has proven Overall margin expanded strongly in 9M 2019 as a result of larger revenue contribution from VAS to non-property owners and community VAS segments which operate on higher margin.
Zhenro Services (æ£è£æœåŠ¡) Pre-IPO - Diversifying away from Zhenro Property Group
Zhenro Services (ZS) is looking to raise US$150m in its upcoming Hong Kong IPO.ZS is a property management service provider in China. As of September 30, 2019, the company operated in four major regions in China, the Yangtze River Delta Region, Western Straits Region, Midwest Region, and Bohai Rim Region. It had 136 projects under management covering 34 cities with a total GFA of 21m sqm and total contracted GFA of 34.4m sqm.
Overall revenue grew well, at 67.2% and 61.3% YoY for 2018 and 9M 2019, respectively. Growth was largely driven by an increase in GFA under management from third-party property developers. This led to a decline in Zhenro Property Group’s contribution to property service management total revenue, falling from 88% in 2017 to 67.7% in 9M 2019. Furthermore, the average overall management fee charged by ZS has fallen.
However, that has proven Overall margin expanded strongly in 9M 2019 as a result of larger revenue contribution from VAS to non-property owners and community VAS segments which operate on higher margin.
Underlying
Zhenro Services Group
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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