【Broker Focus】CITIC SEC expects that new technologies such as AI, embodied intelligence, and IoT will change the operational scenarios of property service companies.
Jinwu Financial News | CITIC SEC believes that new technologies such as AI, embodied intelligence, and IoT will significantly change the operational scenarios of property service companies in the coming years. As the application costs of new technologies continue to decrease, Institutions expect the gross margin of basic property services to steadily improve. Of course, due to the low market share of leading companies and the stable willingness of residents and businesses to pay, the overall profitability of large property service companies is expected to continue to improve steadily. Furthermore, differences in operational capabilities among different companies may become more pronounced due to the application of new productive forces, with companies that actively adopt new technologies and equipment likely to have the advantage.
According to the Middle Finger Research Institute: In May, the top 50 property service companies added contract area of approximately 54.14 million square meters.
In May 2025, the TOP 50 companies have undertaken related areas with a total of approximately 16.96 million square meters.
The Hong Kong overall property registration volume in April reached 7,229 transactions, a 5-month high.
According to the comprehensive data from the Land Registry provided by Midland Realty Research Center, in April, the total property registrations in Hong Kong (including new private homes, second-hand Residences, new public housing, commercial shops, parking spaces, and Other) amounted to a total of 7,229, representing a month-on-month increase of approximately 8.5% compared to 6,661 in March, reaching a five-month high and surpassing the 7,000 mark for the first time since last November.
CHINA OVS PPT: Annual Report 2024
[Brokerage Focus] CITIC SEC: Remains Bullish on the dividend value of the Property and Commercial Management Sector.
Jinwu Financial News | CITIC SEC's Research Reports state that various regions have introduced policies to boost Consumer spending, all of which incorporate stabilizing the Real Estate market into their policy framework. The importance of the Real Estate Industry in boosting Consumer policies is reflected not only in the consumption directly or indirectly related to housing but also in the significant impact of housing price wealth effects on residents' income confidence and willingness to consume. It is believed that national policies will be introduced in April to May, and developers with strong product capabilities and companies holding quality Operation Assets possess investment value; there is continued optimism regarding the dividend value of the property and commercial management Sector.
[Brokerage Focus] BOCOM INTL: CHINA OVS PPT's management scale expansion supports stable growth. Maintain a "Buy" rating.
Jinwu Financial News | BOCOM INTL analysis states that CHINA OVS PPT (02669), driven by CHINA OVERSEAS and projects from third-party developers, is expected to exceed a management scale of 0.5 billion square meters in 2026, supporting high single-digit revenue growth from 2025 to 2027. The gross margin is expected to remain stable at 16-17%, net margin will be maintained at 11%, and net income is projected to increase year-on-year by 9.3%, 6.0% and 6.0% respectively. The current valuation corresponds to a PE of 8.2 times for 2025, which is at the historical bottom range, maintaining a Target Price of 6.3 HKD and a "Buy" rating.
Hong Kong stock fluctuations | CHINA OVS PPT (02669) rose over 3%, the company's gross margin improved last year, and the Business structure of value-added services was optimized.
CHINA OVS PPT (02669) rose over 3%, as of the time of writing, it is up 2.56%, priced at 5.2 Hong Kong dollars, with a transaction amount of 53.7813 million Hong Kong dollars.
[Brokerage Focus] CITIC SEC expects that the Property Service industry will encounter three major opportunities in 2025.
Jinguo Financial News | CITIC SEC believes that the Property Service Industry will迎来three major opportunities in 2025. First, the price mechanism is gradually being rationalized, pushing for a policy turning point that promotes quality services at competitive prices. It is expected that the current difficulties in collections may ease, and companies providing good services for quality properties will be more encouraged by policies; secondly, a turning point in enterprise operation quality. The bank expects that by 2025, the performance contribution of cyclical businesses (serving developers) to the Sector will drop to nearly zero, with the accrual of goodwill and receivables impairment peaking, leading to an expected performance growth rate of 9.7% in the Sector, with sustainable profitability expected to improve significantly; finally, companies will continue to increase Cash.
CITIC SEC: Quality and price matching may become a direction encouraged by policy. The property Sector has significant upward elasticity in the future.
The bank suggests that investors pay attention to the policy turning point in the Property Service Sector.
CICC: Maintains CHINA OVS PPT (02669) “Outperform Industry” rating with a Target Price of 6.5 Hong Kong dollars.
Considering CHINA OVS PPT's market position and service quality, CICC believes that it is likely to maintain a certain volume of new expansion contracts, supporting the growth of revenue in the Business management sector.
Announcement Highlights | "Flash" placement! NIO plans to issue no more than 0.119 billion shares; Semiconductor Manufacturing International Corporation's revenue is expected to grow nearly 28% year-on-year in 2024.
CNOOC's net profit in 2024 exceeds 130 billion yuan; New China Life Insurance's annual profit increased approximately twofold year-on-year.
CHINA OVS PPT (02669.HK) is expected to have a 12.5% increase in shareholders' profits for 2024, reaching 1.51 billion yuan.
On March 27, Gelonghui reported that CHINA OVS PPT (02669.HK) announced that for the year ending December 31, 2024, overall revenue increased by 7.5% to RMB 14,023.8 million. This year's gross margin improved to 16.6% (2023: 15.9%). The profit attributable to holders of ordinary shares increased by 12.5% compared to last year, reaching RMB 1,510.9 million. The Board of Directors proposed a final dividend of HKD 0.095 per share (2023: HKD 0.085 per share). As of the year ending December 31, 2024, the total managed floor area increased compared to the previous year.
CHINA OVS PPT: Announcement of Annual Results for the Year Ended 31 December 2024
Hong Kong Property: In March, the number of Residence registrations in Hong Kong is expected to reach 5,000 cases, setting a new four-month high.
As of the 24th of this month, Hong Kong's Residence properties (including first-hand private housing, second-hand private housing, and second-hand public housing) have recorded 3,974 registrations.
Hong Kong Property: It is expected that the overall property registration volume in Hong Kong will rise to 5,000 cases in March.
According to Wang Pindi, Director of the Research Department of Hong Kong Real Estate, data from the Land Registry shows that as of this month (up to the 17th), Hong Kong has recorded a total of 2,908 property registrations (including new private residences, second-hand Residences, new public housing, commercial shops, pure parking spaces, and Other non-residential properties), an increase of approximately 16.6% compared to 2,493 registrations in the same period last February.
The historical issues troubling private Property Service companies are expected to have dissipated according to CITIC SEC.
Jinwu Finance | CITIC SEC believes that the historical issues troubling private Property Service companies have dissipated, and the dividends of these companies are generally very attractive, with Cash/ Money Market Assets providing a safety margin. Moreover, most private Property Service companies are experiencing continuous net Inflow of operating Cash, making high dividends completely sustainable. Unlike in the fall of 2024, the current catalysts for the Property Service Sector may not be improvements in credit in the real estate sector (though real estate credit is also stable), but rather the upcoming announcement of the 2024 annual report, which is expected to deliver sustainable high dividends and a vision for long-term stable development. We recommend leading private Property Service companies at this time.
The 美联 house price Index fell by 0.13% week-on-week, continuing to create a new low of over 8 and a half years.
The latest "Morgan Stanley Confidence Index" reports 60.2 points, down 5.2% week-on-week, marking four consecutive weeks of decline. The financial budget announced a significant reduction of the property stamp duty for properties valued at 4 million HKD or below to 100 HKD, which is bullish for the atmosphere of the Hong Kong real estate market; however, several new developments have taken advantage of the situation to launch sales, and some eager sellers have lowered their prices, resulting in an increase in discounted listings and a decline in the confidence index.
CHINA OVS PPT (02669.HK) plans to hold a Board of Directors meeting on March 27 to approve the annual performance.
On March 4, Gelonghui reported that CHINA OVS PPT (02669.HK) announced that the Board of Directors will hold a meeting on Thursday, March 27, 2025, to approve the publication of the annual performance announcement for the year ending December 31, 2024, consider the distribution of final dividends (if any), and discuss Other matters.
CHINA OVS PPT: Date of Board Meeting
Market Update | Property management stocks have risen across the board, with JINMAO SERVICES up over 9%, and CG SERVICES up nearly 8%. Leading companies in the property management Industry are continuously expanding their scale, and the Industry concentra
Recently, CRIC released the TOP 50 property service companies in China for new contract area in January 2025. In January, the TOP 50 companies added approximately 78.08 million square meters of new contract area, with new third-party expansion totaling 71.46 million square meters, and the scale of leading companies continues to expand.