Equity Analysis /
Hong Kong

HK : CIFI Ever Sunshine - Targeting 100m sq m GFA growth in FY22F

    Raymond Cheng
    Raymond Cheng

    Head of Hong Kong Research

    Steven MAK
    Will Chu
    26 March 2022
    Published byCGS-CIMB

    CIFI ES reported a 58% yoy increase in core net profit in FY21. SGA expense ratio declined by 0.8% pt yoy to 9.9% thanks to digitisation. It targets 100m sq m growth in contracted GFA in FY22F, with c.70% from third party contracts. It however does not expect rapid growth in city services. Reiterate Add with a lower TP of HK$17.6. CIFI ES is our high conviction pick with its excellent execution capability and strong parental support from CIFI.