FY23 results in-line: >30% NP and 100% pay-out

M N 25 Mar 2024 CMB International Global Markets | Equity Research | Company Update Greentown Management (9979 HK) FY23 results in-line: >30% NP and 100% pay- out Greentown Management delivered +31% YoY growth in net profit in FY23 and Target Price HK$9.37 offered a special dividend for the second time that maintained the pay-out ratio (Previous TP HK$9.67) at 100%, representing 8% div. yield. We think company’s capability of timely Up/Downside 51.3% business restructuring supported its consistent delivery ...