Core Viewpoint - Bank of America Securities reports that major property management companies in mainland China achieved an 8% revenue growth in the first half of the year, with core profit growth being similar, indicating a stable growth rate [1] Industry Summary - The industry participants performed better than expected in terms of profit margins and operational cash flow management during the first half of the year [1] - There is a cautious outlook for the industry due to ongoing issues with fee collection that are unlikely to be resolved in the short term [1] Company Recommendations - China Resources Vientiane Life (01209) is the only "Buy" recommendation from Bank of America in this sector, with the target price raised from 44 HKD to 45 HKD, maintaining its status as the firm's top pick [1] - The earnings forecast for the property management sector has been slightly lowered due to rapid increases in impairment losses among Chinese real estate property management companies [1] - Country Garden Services (06098) has an unstable earnings situation, but its dividend outlook remains stable, leading to an increase in the target price to 6.3 HKD while maintaining an "Underperform" rating [1] - China Overseas Property (02669) has had its earnings forecast reduced, with the target price lowered to 5.2 HKD [1]
美银证券：对内地物管行业保持审慎 板块内仅推荐华润万象生活