Group 1 - UBS downgraded the rating of Poly Property (06049) to "Neutral" as the stock price has reached the target price set by the bank, indicating that the current risk-reward level has become average [1] - The new target price has been slightly raised from HKD 36 to HKD 36.5 [1] - The bank observed an increase in the termination of managed area (GFA) contracts in the first half of the year, suggesting that the company may have to terminate some projects with declining cash recovery rates or low profitability quality due to intensified competition in the property management industry and a general decline in management fees [1] Group 2 - If the termination situation continues to increase, it will exert pressure on revenue growth [1] - The bank has revised down its revenue forecasts for 2025 to 2027 by 2% to 5%, but believes that a reduction in selling and administrative expenses will offset the impact [1]
瑞银：降保利物业(06049)评级至“中性” 目标价微升至36.5港元