Group 1 - The core property management business of Poly Property remains resilient, but growth momentum is expected to slow due to weak project delivery and low sales activity impacting non-owner value-added services [1] - The report indicates a downgrade in revenue and profit forecasts for Poly Property for the fiscal years 2025 and 2026 due to underperformance in value-added services [1] - Despite the downgrade, the target price for Poly Property has been raised from HKD 32 to HKD 36.6 based on a target price-to-earnings ratio of 10.5 times, which is 0.5 standard deviations below the five-year average [1] Group 2 - The resilience of the core business and the defensive advantages provided by its state-owned enterprise background support the "outperform" rating maintained by the firm [1]
大行评级丨里昂：上调保利物业目标价至36.6港元，维持“跑赢大市”评级