汇丰此前发布研报称，受到中国房地产市场不景气的拖累，物业管理行业近年亦较不受市场欢迎，但最新业绩表现显示，有部分企业在艰难市况中仍展现出韧性，并致力于提升股东回报。相比起房地产发展商，汇丰研究更看好物业管理公司，认为物管行业自2021年起估值遭削减，已大致反映庞大拨备及增长预期。Property management stocks fell along with mainland real estate stocks, as of the time of publication, a-living (03319) fell by 12.61%, closing at 2.08 Hong Kong dollars; cg services (06098) fell by 7.96%, closing at 3.93 Hong Kong dollars; s-enjoy service (01755) fell by 6.33%, closing at 2.81 Hong Kong dollars; Wanyu Cloud (02602) fell by 4.23%, closing at 17.2 Hong Kong dollars.
According to the Securities Times APP, property management stocks fell along with mainland real estate stocks, as of the time of publication, a-living (03319) fell by 12.61%, closing at 2.08 Hong Kong dollars; cg services (06098) fell by 7.96%, closing at 3.93 Hong Kong dollars; s-enjoy service (01755) fell by 6.33%, closing at 2.81 Hong Kong dollars; Wanyu Cloud (02602) fell by 4.23%, closing at 17.2 Hong Kong dollars.
Morgan Stanley's research report pointed out that under the weak macroeconomy, the growth of property management stocks' value-added services is slow, but the core business of property management stocks maintained double-digit growth in the first half of the year; at the same time, competition from third parties will intensify, bullish on shopping mall operators, mainly due to strong cash flow and accelerated market consolidation. The bank stated that based on the current unfavorable macro factors, it is bullish on defensive companies that have the possibility of sustained natural growth, strong cash flow, and increasing dividends. Morgan Stanley also lowered the target price of property management stocks.
HSBC previously released a research report stating that the property management industry has also been less favored by the market in recent years, due to the sluggishness of the Chinese real estate market. However, the latest performance data shows that some companies have demonstrated resilience and are committed to improving shareholder returns in difficult market conditions. Compared to real estate developers, HSBC Research is more bullish on property management companies, believing that valuations in the property management industry have been reduced since 2021, and have roughly reflected large provisions and growth expectations.