Industry Overview - Morgan Stanley reports that the profitability drag from related parties for mainland property management companies has largely dissipated, but challenges remain with weakened collections and rising vacancy fees [1] - The macroeconomic environment is weak, and service quality is not ideal, leading to pricing pressure [1] - The firm expects industry profits to grow by 3%, 5%, and 7% year-on-year from 2025 to 2027, with revenue growth around 5%, but profit margins are under pressure due to weakened collections [1] Company Insights - Morgan Stanley suggests that property management services will be the main growth driver in the industry, while value-added services will continue to be sluggish [1] - China Resources Mixc Lifestyle (01209) is expected to achieve mid-teens growth driven by mall consumption, with a dividend yield of 4% to 5%. The target price is slightly raised from HKD 46.38 to HKD 48.93, maintaining an "Overweight" rating [1] - Greentown Service (02869) has high earnings visibility and expanding profit margins, also receiving an "Overweight" rating, with the target price slightly decreased from HKD 5.78 to HKD 5.54 [1] - Country Garden Services (06098) is viewed as a tactical choice, rated "In Line with Market," with the target price increased from HKD 6.07 to HKD 7.04, supported by stable cash flow, improved shareholder returns, and ongoing share buybacks yielding about 8% [1]
大摩：料内地物管板块持续分化 看好华润万象生活(01209)及绿城服务(02869)