Core Viewpoint - UBS has 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] Group 1: Financial Performance - The latest target price for Poly Property has been slightly raised from HKD 36 to HKD 36.5 [1] - UBS has observed an increase in the area under management (GFA) contract cancellations in the first half of the year, suggesting that the company may need to terminate some projects with declining cash recovery rates or low profitability quality [1] Group 2: Industry Dynamics - The increase in contract cancellations is attributed to intensified competition in the property management industry and a general decline in property management fees [1] - If the trend of cancellations continues, it will exert pressure on revenue growth [1] Group 3: Revenue Forecast - UBS has revised down its revenue forecasts for 2025 to 2027 by 2% to 5% [1] - However, it is believed that reductions in sales and administrative expenses will offset the impact of the revenue decline [1]
瑞银：降保利物业评级至“中性” 目标价微升至36.5港元