里昂上调保利物业目标价至36.6港元，维持“跑赢大市”评级

Group 1 - The core property management business of Poly Property remains resilient, but non-owner value-added services are under pressure due to weak project deliveries and low sales activity, leading to a slowdown in growth momentum [1] - The forecast for revenue and profit for the fiscal years 2025 and 2026 has been downgraded, but the target price 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] - The company maintains an "outperform" rating, emphasizing the defensive advantages of its state-owned enterprise background [1] Group 2 - On January 27, 2026, Poly Property announced a management adjustment, with former General Manager Yao Yucheng resigning and being succeeded by Wang Yingnan, who has 15 years of experience in the full chain of real estate development [2] - This personnel change is viewed as a strategic move by the Poly Group to strengthen the synergy between real estate and property management, aiming to enhance commercial asset operations and urban public service capabilities [2] Group 3 - In the past week (as of February 13, 2026), Poly Property's stock price fluctuated, with a high of HKD 34.12 on February 9 and a low of HKD 32.44 on February 13, resulting in a price range fluctuation of 5.06% [3] - The closing price on February 13 was HKD 32.72, reflecting a single-day decline of 2.09% and a cumulative decline of 1.45% over the past five days [3] - During the same period, the overall Hong Kong property service sector declined by 2.08%, and the Hang Seng Index fell by 1.72% [3]