Equity Analysis /
Hong Kong

HK : Times Neighborhood - Getting ready for further expansion in FY21F

    Raymond Cheng
    Raymond Cheng

    Head of Hong Kong Research

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    Jeffrey Mak
    Will Chu
    CGS-CIMB
    20 January 2021
    Published byCGS-CIMB

    Times Neighborhood (TN) is confident of achieving its FY20F core net profit target of Rmb220m. Management thinks the acquisition price for Chengdu Holytech is justified by its high GFA growth and its solid presence in Southwestern China. TN looks set to further improve its gross profit margin and core net profit margin in FY21F as service mix further improves. Reiterate Add.