＜Research＞M Stanley Predicts SOE Property Managers to Record 10-20% Growth in 1H Earnings With Stable Cash Flow

　　A recent Morgan Stanley report has revealed its expectation for SOE property managers to achieve 10%-20% growth in their 1H earnings with stable cash flow, and thereby making dividend payout clearer. The broker prefers CHINA RES MIXC (01209.HK) -0.800 (-3.587%) Short selling $11.48M; Ratio 9.269% and POLY PPT SER (06049.HK) -0.200 (-0.772%) Short selling $402.03K; Ratio 3.690% on their stable cash flow, clearer earnings growth, and attractive dividend yield.

　　Morgan Stanley predicts that on average, industry revenue will rise 7.6% YoY, GPM will stand at 20.3%, down 0.5 ppts, and core earnings will gain 5% YoY. In the broker's expectations, the 1H core earnings from CHINA RES MIXC and POLY PPT SER will be in line with estimates. CHINA OVS PPT (02669.HK) +0.020 (+0.438%) Short selling $3.55M; Ratio 19.829% will log a growth of 10%-15%. GREENTOWN SER (02869.HK) -0.070 (-2.102%) Short selling $711.92K; Ratio 11.066% will see its core earnings grow by no more than 15%. ONEWO (02602.HK) -0.280 (-1.446%) Short selling $1.44M; Ratio 21.481% and SUNAC SERVICES (01516.HK) -0.010 (-0.585%) Short selling $937.52K; Ratio 8.437% will be flat, while A-LIVING (03319.HK) -0.020 (-0.752%) Short selling $2.23M; Ratio 26.286% and CG SERVICES (06098.HK) -0.050 (-1.087%) Short selling $12.87M; Ratio 19.722% will record a decline in their core earnings.

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　　Morgan Stanley also estimates that CHINA RES MIXC, with its strong cash flow, will declare a special dividend and raise its full-year 2024 payout ratio in its interim results.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-29 16:25.)

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