天风证券发布研报称，龙头央企关联物管公司成长路径明确，未来规模有望保持良好增速，而部分物企受关联方拖累增量下滑、独立性被动提升，其发展策略转向提升长期运营效率、探索差异化发展路径。该行认为，若24年市场企稳或关联方销售表现超预期，此类低估值物企或具备较大估值弹性空间。Property management stocks rose across the board in the morning session. As of the time of writing, xinyuan pm (01895) rose by 21.28% to 0.57 Hong Kong dollars; eternal east services (01995) rose by 11.04% to 1.71 Hong Kong dollars; china res mixc (01209) rose by 5.04% to 25 Hong Kong dollars; cg services (06098) rose by 3.62% to 4.29 Hong Kong dollars; and wanwu cloud (02602) rose by 3.32% to 16.8 Hong Kong dollars.
According to the Zhixun Finance APP, property management stocks rose across the board in the morning session. As of the time of writing, xinyuan pm (01895) rose by 21.28% to 0.57 Hong Kong dollars; eternal east services (01995) rose by 11.04% to 1.71 Hong Kong dollars; china res mixc (01209) rose by 5.04% to 25 Hong Kong dollars; cg services (06098) rose by 3.62% to 4.29 Hong Kong dollars; and wanwu cloud (02602) rose by 3.32% to 16.8 Hong Kong dollars.
HSBC released a research report stating that due to the sluggishness of the Chinese real estate market, the property management industry has also been less popular in recent years. However, the latest performance shows that some companies have shown resilience in difficult market conditions and are committed to increasing shareholder returns. Compared to real estate developers, HSBC Research is more bullish on property management companies, believing that since 2021 the valuation of the property management industry has been reduced, largely reflecting substantial provisions and growth expectations.
Tianfeng Securities released a research report stating that the growth path of leading state-owned enterprises' affiliated property management companies is clear, and their future scale is expected to maintain a good growth rate. However, some property enterprises have seen a decline in incremental growth due to the drag of affiliated parties and their independence being passively improved. Their development strategy has shifted towards improving long-term operational efficiency and exploring differentiated development paths. The bank believes that if the market stabilizes in 2024 or if the sales performance of affiliated parties exceeds expectations, such undervalued property enterprises may have greater valuation elastic space.
