HK : A-Living Services - Equity fundraising to further boost its growth

A-Living today raised HK$3.2bn, from its first share placement since IPO, for future MAs and to enhance its community value-added services. We believe this should remove the overhang on its share price; its growth guidance for FY21-22F remains unchanged. Reiterate Add and TP of HK$54.6 (0.9x PEG on its attractive valuation of 19x FY21F P/E and 15 FY22F P/E – 45% discount to mid- to large-cap peers.

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