Core Viewpoint - Citi forecasts that the profitability quality of the mainland property management industry will improve in the first half of this year, but profit growth is expected to slow to only an 8% year-on-year increase, accounting for 41% of the bank's full-year forecast, primarily impacted by the pandemic and challenges in the real estate sector [1] Industry Summary - The industry is estimated to see a 22% year-on-year revenue growth in the first half of the year, with basic and value-added service revenues expected to grow by 36% and 20% respectively, while revenue from developer services is anticipated to decline by 25% [1] - Investors are currently more focused on the balance sheets and operating cash flows of property management companies rather than their profit performance, with the industry's outlook depending on new managed area and gross profit conditions [1] Company Preference - The bank prefers defensive state-owned enterprise stocks within the industry, including Poly Property (6049.HK) and China Overseas Property (2669.HK) [1]
花旗：料物管行业上半年盈利质素改善 看好保利物业及中海物业