Core Viewpoint - UBS upgraded the investment rating of Greentown Service (02869.HK) from "Neutral" to "Buy" and raised the target price to HKD 5.7, citing its superior positioning as an independent property management service provider compared to those supported by real estate developers [1] Group 1: Company Performance - Greentown Service has a strong capability to secure contracts from third parties, demonstrating flexibility in exiting underperforming projects and lower impairment risks [1] - UBS has adjusted its earnings forecast for Greentown Service for the years 2025 to 2027 upwards by 0% to 16%, anticipating an average annual compound growth rate of 19% in profits [1] Group 2: Financial Projections - UBS expects Greentown Service to achieve a 20% profit growth in the first half of this year, driven by double-digit growth in property management revenue and improvements in profit margins as well as selling, general, and administrative expenses [1] - The target price was raised from HKD 4.5 to HKD 5.7 based on a projected price-to-earnings ratio of 15 times for 2026 [1]
瑞银：升绿城服务评级至“买入” 目标价上调至5.7港元