Zhitong Finance App learned that property management stocks had the highest decline. As of press release, Evergrande Property (06666) fell 12.82% to HK$0.68; Sunac Services (01516) fell 9.31% to HK$3.02; Times Neighborhood (09928) fell 6.45% to HK$0.58; and Country Garden Services (06098) fell 4.89% to HK$8.16.
Wanlian Securities recently released a research report saying that in the context of the downturn in the real estate industry, property management companies continue to reduce pressure on businesses that are highly relevant to related developers. In the short term, the real estate industry's easing policies will continue to be released, and the fundamentals of the industry are expected to improve marginally, which is expected to lead to valuation restoration in the animal industry management sector, but we still need to be wary of credit risk and risk of impairment of goodwill.
The bank pointed out that in H1 in 2023, the operating income of the 17 sample property management companies increased 8.45% year-on-year, down 12.44 pct from the growth rate in 2022, and the net profit growth rate reached 4.02%, achieving positive growth. The average comprehensive gross margin of the 17 sample companies in 2023H1 was 22.81%, a slight increase of 0.62 pct from the end of 2022 and a year-on-year decrease of 1.88 pct.