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02669 CHINA OVS PPT
RTNominal up4.340 +0.100 (+2.358%)
Research Report

08/11/2019 14:41

{I-bank focus}Nomura rates China Overseas Property HK$5.1

[ET Net News Agency, 8 November 2019] Nomura initiated coverage on China Overseas
Property Management (COPH(02669) with a "neutral" rating and a target price of HK$5.1.
The research house said COPH's AuM (area under management) expansion is growing at the
slowest pace (15% CAGR in FY2019-21) of the companies under Nomura's coverage. Given the
company's reliance on parent company (90% of AuM) and slow external expansion, Nomura
forecast its EPS to increase at only a 22% CAGR over FY2019-21, the lowest among peers.
Nomura sees a bottleneck for its external acquisitions and VAS2C (value-added service to
customers/residents) growth given its relatively weak employee incentive system. (KL)

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