[ET Net News Agency, 8 February 2021] Nomura initiated coverage on Shimao Services
(00873) with a "buy" rating and a target price of HK$20.
The research house said Shimao Services had a total AuM (assets under management) of
146mn sqm as of end-FY2020. The company achieved an FY2017-19 CAGR of 26% in AuM, mainly
supported by the Shimao Group (00813) and M&As.
Nomura said investors tend to regard Shimao Services as a property manager (PM) that
provides services solely to Shimao Group. However, since FY2019, it has been expanding
quickly by acquiring external contracts. Nomura forecasted 3P contracted GFA to increase
30mn/35mn sqm in FY2021F/22, resulting in 3P contracted GFA of 91mn sqm by FY2022.
In addition, Nomura forecasted VAS2C (value-added service to customers/residents) to
record resilient growth in FY2019-22 (+90% revenue CAGR and +82% GP CAGR over the period;
30% of revenues by FY2022 versus 26% in FY2019). (KL)
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00873 SHIMAO SERVICES
Nominal 
0.800 +0.050 (+6.667%) Research Report
08/02/2021 17:31
{I-bank focus}Nomura starts Shimao Services (00873) at HK$20
| Remark: | Real time quote last updated: 26/04/2024 17:33 |
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