[ET Net News Agency, 5 February 2021] ABCI Securities (ABCIS) China Resources initiated
coverage on China Resources Mixc Lifestyle Services (01209) with a "buy" rating and a
target price of HK$50.5.
As of 30 June 2020, China Resources Mixc's GFA under management reached 106.6mn sqm, of
which 97.5mn sqm, 4.0mn sqm, and 5.1mn sqm came from residential and other properties,
shopping malls, and offices.
ABCIS expects GFA under management to increase at 37% CAGR from 121mn sqm in 2020 to
225mn in 2022. The newly introduced commercial operational services (COS) business will
drive revenue and margins. Meanwhile, rising contracted sales of the parent company
enables revenue growth in residential property management services (RPMS). (KL)