[ET Net News Agency, 18 October 2019] HSBC Global Research lifted its target price for
Greentown Service (02869) to HK$9 from HK$8.2 and maintained its "buy" rating.
The research house continues to like Greentown's premium branding strategy that taps
into China's strong demand for quality living. The company has a strong track record in
building out its VAS which now accounts for 59% of gross profit, versus 40% of peers.
HSBC thinks Greentown's concerted investment in VAS will pay off in the medium term,
including its early education service. Its 1H, earnings growth was partly affected by its
equity-settled share-based payment expenses. HSBC anticipated its earnings growth to be
back on track in FY2020 and the research house forecast a decent 30% earnings CAGR in
FY2018-21. (KL)
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02869 GREENTOWN SER
Nominal 
3.190 +0.020 (+0.631%) Research Report
18/10/2019 14:52
{I-bank focus}HSBC lifts Greentown Service (02869) to HK$9
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
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