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02869 GREENTOWN SER
RTNominal down8.270 -0.330 (-3.837%)
Others

08/11/2019 14:10

{I-bank focus}Nomura rates Greentown Services (02869) HK$9.3

[ET Net News Agency, 8 November 2019] Nomura initiated coverage on Greentown Services
(GTS)(02869) with a "neutral" rating and a target price of HK$9.3.
Despite growing at a less attractive pace (31% EPS CAGR in FY2019-21 versus peers at
38%), the research house appreciate GTS's high-quality growth, driven by expansion into
third-party PM contracts (largest new external contract at 70mn sqm p.a. versus peers'
30mn) and the high density of the VAS2C [value-added service to customers/residents]
segment (CNY8.5/sqm p.a. versus a peer average of CNY4.0).
Meanwhile, its large management shareholding and employee options scheme (together form
30% of current shares outstanding) support the alignment of employee and company
interests. (KL)

Remark: Real time quote last updated: 12/12/2019 17:59
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