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HK : EC Healthcare - Strong medical services revenue

ECH’s FY22 net profit was 36%/46% below our/Bloomberg consensus forecasts, impacted by the prolonged Omicron outbreak in HK. MAs will continue to lead strong revenue growth in medical services. Reiterate Add, with a lower TP of HK$12.03 due to c.12....
CGS-CIMB Ray
Ray Kwok @ CGS-CIMB 24 June 2022

HK : Sunac Services - Takeaways from virtual property conference

Sunac Services’ management said that its value-added services and third party expansion were affected by lockdown measures in China. Management said it is reducing its reliance on Sunac with regards to VAS growth and GFA delivery. It has spent HK$90....
CGS-CIMB Raymond
Raymond Cheng @ CGS-CIMB 23 June 2022

HK : Times Neighborhood - Takeaways from virtual property conference

Times Neighborhood (TN) revenue was up 29% yoy in 4M22, while there could be some impact on the community VAS due to Covid-19. Receivables from Times China dipped by Rmb100m in 4M22. Times China’s schedule for project delivery is on track. Retain A....
CGS-CIMB Raymond
Raymond Cheng @ CGS-CIMB 22 June 2022

HK : Link REIT - Takeaways from post-results calls

Link’s management is confident of another year of positive rental reversions for its malls in HK, supported by a healthy occupancy cost. Malls in China are on recovery path after recent lockdowns. It appears to be interested in MAs in warehouses in....
CGS-CIMB Raymond
Raymond Cheng @ CGS-CIMB 21 June 2022

HK : Sino Land Co Ltd - Frequent new primary launches

During the virtual conference, Sino said that it is launching Villa Garda in Lohas Park after upbeat sales performance at Grand Mayfair I and II. Management is keen to replenish land in HK and the Greater Bay Area. Management is committed to sustain....
CGS-CIMB Raymond
Raymond Cheng @ CGS-CIMB 21 June 2022

HK : China Overseas Property Holdings - A high growth SOE property manager

Management maintained its guidance of 30% EPS and managed GFA CAGR over 2021-2025. It also said the Covid-19 impact on its operation is insignificant overall. Meanwhile, we estimate it added 20m sq m of GFA from 3P in 5M22. Reiterate Add and TP of....
CGS-CIMB Raymond
Raymond Cheng @ CGS-CIMB 21 June 2022