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00909 MING YUAN CLOUD
RTNominal up2.440 +0.020 (+0.826%)
Research Report

18/01/2021 09:47

{I-bank focus}Daiwa starts Ming Yuan Cloud (00909) at HK$55

[ET Net News Agency, 18 January 2021] Daiwa Research initiated coverage of Ming Yuan
Cloud (00909), the largest player in China's industry-specific SaaS (Software as a
Service) market for property developers, with an "outperform" rating and a target price of
HK$55.
After years of offering ERP (Enterprise Resource Planning) services to China's
real-estate value chain, Ming Yuan has accumulated considerable know-how to provide
value-added services to the top-100 property developers in China, which is expected to
drive ERP service revenue over 2020-22, the research house said.
Moreover, Daiwa sees its close ties with leading property developers and
well-established channel networks empower Ming Yuan to increase its SaaS penetration with
existing clients and acquire new customers outside tier-1 cities.
With the gradual scaling-up of its SaaS products, Daiwa estimated the company's SaaS
business broke even in 2020, with scope for improving profitability over 2020-22 on likely
cuts to sales rebates to channel partners. (KL)

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