CN : Property Management - To see more funds flowing into the sector

The latest inclusion of CGS in HSI should bode well its share price in near term, in our view. This, coupled with MSCI previous inclusion of five PM companies in its index, should attract more funds flowing into the PM sector. We reiterate our OW on PM sector on positive policy outlook and rapid EPS CAGR of 45% over FY20-23F. Top picks: A Living, KWG Living and Powerlong CM. Sector trades at undemanding valuations of 21x FY22F P/E and 16x FY23F P/E.

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