DJ Evergrande Property May Gain Strong Contributions From Community Value-Added Services -- Market Talk
0322 GMT - Evergrande Property Services appears to have high earnings visibility compared with its peers over the longer term, thanks to support from its parent company's diversified ecosystem and brand awareness, Nomura says. The Japanese bank initiates coverage on the stock with a buy rating and a HK$18.50 target price. The residential property management company could also gain significant earnings growth potential in community value-added services, which includes insurance and home furnishing services, over the longer term, Nomura says, and it expects Evergrande's community value-added services segment to post a revenue CAGR of 47% for FY 2020-23. Shares are 9.7% lower at HK$12.46.(justina.lee@wsj.com)
(END) Dow Jones Newswires
May 19, 2021 23:22 ET (03:22 GMT)
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