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RTNominal down66.500 -1.200 (-1.773%)

08/11/2019 14:24

{I-bank focus}Nomura starts CG Services (06098) at HK$28.7

[ET Net News Agency, 8 November 2019] Nomura initiated coverage on Country Garden
Services (CGS)(06098) with a "neutral" rating and a target price of HK$28.7.
The research house sees strong EPS growth visibility for CGS (38% EPS CAGR over
FY2019-21) supported by its ample reserve area (at 324mn sqm, 178% of AuM [area under
management] and 81% from parent company) and the boost from parent company in the VAS2B
(value-added service to customers/residents) segment (41% CAGR over FY2019-21).
Despite its large user base (8mn residents), Nomura believes the VAS2C segment has room
for further improvement given its low penetration (CNY2.7/sqm/pa versus peers' CNY4.0; 9%
of its revenue in FY2018). Nomura thinks the segment's progress will be a key rerating
driver. (KL)

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