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[Brokerage Focus] Zhongtai downgraded cg services (06098) rating to "shareholding", indicating that competition in the property industry has not eased.
Jingu Finance | Zhongtai Securities issued a research report stating that cg services (06098) released the 2024 interim performance announcement; the company's main business income in the first half of 2024 was 21.046 billion, a year-on-year increase of 1.5%, with a net income attributable to the mother of 1.44 billion, a year-on-year decrease of 38.7%; the core net income attributable to the mother was 1.84 billion, a year-on-year decrease of 31.7%.
Market Chatter: Hong Kong Rental Property Prices Close to Record High in August
Hong Kong stocks fluctuate | Property management stocks rise in early trading, some property management companies show resilience, HSBC said industry valuation has roughly reflected provisions and growth expectations.
Property management stocks rose across the board in the morning trading session. As of the time of publication, xinyuan pm (01895) rose by 21.28% to 0.57 Hong Kong dollars; eternal vigilance 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; wanwu cloud (02602) rose by 3.32% to 16.8 Hong Kong dollars.
Hong Kong stocks fluctuate | cg services (06098) fell nearly 3%, with a year-on-year decrease of nearly 40% in net profit in the first half, and the company's cash flow is weak.
Cg services (06098) fell by nearly 3%, as of the press time, fell by 2.76%, reporting 4.22 Hong Kong dollars, with a turnover of 21.2451 million Hong Kong dollars.
Bocom Intl focuses on cutting the target price of cg services (06098) by 65.2%, with a decrease in gross margin, but the main business has stabilized.
Jingwu Finance | Bocom Intl issued a research report stating that the revenue of CG Services (06098) in the first half of the year increased by 1.5% year-on-year to approximately 21.05 billion yuan. The overall gross margin decreased by 3.7 percentage points to 21.2%. The bank believes that the company's gross margin is expected to bottom out in the next 2-3 years. Due to the decrease in gross margin, the core net income decreased by 31.7% year-on-year to 1.84 billion yuan, but still roughly in line with market expectations (1.88 billion yuan). The bank pointed out that although the gross margin has declined, the main business has stabilized. Given that the company's 1) proportion of third-party income is leading in the industry and business income is diversified, it has a positive outlook on future performance.
Hong Kong stock concept tracking | Over 80 cities support state-owned enterprises and others to acquire existing houses, institutions are bullish on investment opportunities related to the "good housing" industry (concept stocks attached)
As of now, more than 80 cities have announced their support for state-owned platform enterprises to acquire commodity housing for the purpose of affordable housing, resettlement housing, talent housing, and turnover housing.
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