Group 1 - The core viewpoint of the report is that China Overseas Property (02669) is performing better than its peers due to a more stable business outlook and strong support from its state-owned parent company, China Overseas Development (00688) [1] - The underperformance relative to the market is attributed to ongoing headwinds in the real estate market, which continue to drag down the business outlook and valuation of the property management industry [1] - The company's own profit and profit growth are slowing, and there is low visibility on shareholder return growth, leading to an average downward revision of 11% in net profit forecasts for 2025 to 2027 [1] Group 2 - Revenue forecasts have been reduced by an average of 13%, with an expected compound annual growth rate of 5% in revenue from 2025 to 2027 [1] - Free cash flow and operating cash flow forecasts for 2025 to 2027 have been lowered by an average of 16% and 13%, respectively [1] - The target price has been adjusted down from HKD 6.1 to HKD 5, and the rating has been downgraded from "Buy" to "Sell" [1]
高盛：一举降中海物业(02669)评级至“沽售” 目标价下调至5港元