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02869 GREENTOWN SER
RTNominal up2.990 +0.050 (+1.701%)
Research Report

31/12/2019 17:45

{I-bank focus}Longfor's investment positive to Greentown

[ET Net News Agency, 31 December 2019] Greentown Service Group (02869) said that
Longfor Group (00960) has agreed to acquire a 10% stake in Greentown Service. Longfor is
optimistic over Greentown Service's long-term business prospects and favours its scale,
brand name, management, and service quality as well as its leading position in the
industry.
Daiwa Research sees Longfor's investment as positive to Greentown Service. Even though
the companies do not have cooperation plans, the research house does not rule out the
possibility of them complementing each other in their property management businesses in
the future, e.g. in terms of technology capacity, and the scope of services.
Meanwhile, through the placing of new shares, Greentown Service will be able to raise
funds offshore, which could strengthen its capital base (for potential offshore M&As,
science and technology capacity-building and development of core community services)
and could be used for dividend payment and repayment of loan involved in its acquisition
of MAG Australia, Daiwa added. (KL)

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