Equity Analysis /
Hong Kong

HK : Poly Property Services - FY20F profit growth guidance unchanged

    Raymond Cheng
    Raymond Cheng

    Head of Hong Kong Research

    Jeffrey Mak
    Will Chu
    14 January 2021
    Published byCGS-CIMB

    Management reiterates its guidance for FY20F net profit growth of 30-40%, driven by growth in managed GFA and value-added services. It believes public facilities management is a high growth segment with long contract service tenors. Given the rising valuations of MA targets, management will stay cautious and avoid overpaying for them. Reiterate Hold with a TP of HK$75.2.