[ET Net News Agency, 3 February 2021] Nomura initiated coverage on Sunac Services
(01516) with a "buy" rating and a target price of HK$32.
The research house said Sunac Services deserves a valuation premium to peers as it is a
combination of two leading types of PMs (property managers), (1) those with high earnings
visibility from strong parentco support like Country Garden Services (06098); and (2)
those with high growth potential in 3P contract tender and community VAS thanks to a
high-end position and brand premium, like Greentown Services (02869) and Eversunshine
(01995).
Nomura said Sunac is a well-known high-end brand in China, particularly in tier 1 and 2
cities. 86% of the management area in 1H 2020 was located in tier 1 & 2 cities with an
average management fee of CNY3.0/sqm/month (peer average: CNY2.5). (KL)
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01516 SUNAC SERVICES
Nominal 
1.830 +0.080 (+4.571%) Research Report
03/02/2021 15:23
{I-bank focus}Nomura starts Sunac Services (01516) at HK$32
| Remark: | Real time quote last updated: 26/04/2024 11:40 |
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