[ET Net News Agency, 7 January 2020] UOB Kay Hian initiated coverage on Greentown
Service (02869) with a "hold" rating and a target price of HK$8.05.
Operating in 137 cities with strong customer loyalty, Greentown Service focuses on basic
services and is expanding value-add services as a new source of profit. Its average
property management fee has been increasing steadily over the past five years,
significantly higher than peers, said the research house.
Greentown Service's collection rate has also steadily increased. This proves that the
company's service quality is well recognised. As at 1H 2019, non-residential properties
accounted for 22% of the company's total managed area and contributed 29% of total
property management revenue. (KL)