Monthly tracking of Everbright real estate a + H property sector (December 2021): in December, the ah core property index of Everbright real estate increased by 4.6%, and the construction of industry standards continued to advance

Market situation: ah core property index of this moonlight real estate + 4.59%

Index: Everbright real estate ah core property index rose by + 4.59% in a single month, outperforming the CSI 300 index by 2.35pct, Outperformed the Hang Seng Index by 4.92 PCT, Outperformed the Hang Seng Hong Kong Stock Exchange Index by 5.30pct. From January to December 2021: Everbright real estate ah core property index fell by 5.22%, underperforming CSI 300 index by 0.02pct, Outperformed the Hang Seng Index by 8.86pct, Outperformed the Hang Seng Hong Kong Stock Exchange Index by 5.84pct.

Individual stocks: increase this month: the average increase and decrease of sample stocks is – 4.9%; The front row of gains and losses are: China Merchants Property Operation & Service Co.Ltd(001914) (+ 55.5%), ocean services (+ 21.2%), poly property (+ 17.4%), Shenzhen Sdg Service Co.Ltd(300917) (+ 14.3%), and construction and development property (+ 13.2%). Increase from January to December 2021: the average increase and decrease of sample stocks is – 20.9%; The top gainers and losers are: Zhonghai property (+ 106.7%), Riverside Service (+ 58.9%), Jianfa property (+ 43.5%), Zhengrong service (+ 16.2%) and New Dazheng Property Group Co.Ltd(002968) (+ 8.1%).

Hong Kong stock connect: changes in shareholding ratio this month: Poly property (+ 8.12pct.) Shimao service (+ 2.17pct.) Evergrande property (+ 1.42pct.) Xincheng Yuet service (+ 1.38pct.) Country Garden Service (+ 0.93pct.); Changes from January to December 2021: Poly property (+ 13.72pct.) Xinchengyue service (+ 7.46pct.) Jinke service (+ 7.11pct.) Evergrande property (+ 6.62pct.) Xuhui Yongsheng service (+ 5.08pct.).

Industry dynamic tracking: the Ministry of housing and urban rural development and other ten ministries and commissions jointly promote the construction of property service standards

Central: the Ministry of civil affairs and CDB strengthened financial support for the construction of elderly care service system. Ten ministries and commissions including the Ministry of housing and urban rural development jointly proposed to strengthen the formulation of living service industry and public service standards and promote the construction of community service standards. Local: Jiaxing continued to rectify and standardize the order of the real estate market, and Huizhou introduced the management measures for the construction of elderly care service facilities for new houses.

Enterprise dynamic tracking: Zhongliang Baiyue Zhijia passed the hearing of HKEx; China Merchants Property Operation & Service Co.Ltd(001914) successively acquired the property of Shanghai Airlines and China Southern Airlines to deepen the layout of aviation property management track

Business dynamics: Urban Services: Country Garden Services won the bid for municipal public services in Jinxiu village 1 and Jinxiu village 2, Daliang street, Shunde. Xuhui Yongsheng won the bid for the security service project of Zhengyi historical and cultural block by Kunshan Bacheng Town Construction Bureau. Project expansion: Jinke intelligent service won the bid for power system equipment maintenance service of Baoding first central hospital.

Capital market dynamics: listing progress: Xiang life service heard by the Hong Kong Stock Exchange suspended the issuance process. The prospectus of Great Wall property and Yujia life service is invalid. Zhongliang Baiyue Zhijia was heard by the Hong Kong stock exchange. Acquisition and Merger: Jinke Intelligent Service Group Co., Ltd. acquired 51% equity of Qianxi Hongxiang property. Shimao services acquired 70% equity of Hunan Jili property for 99.64 million yuan. Greentown services plans to acquire 51% equity of Zhejiang Lvke for 209 million yuan. China Merchants Property Operation & Service Co.Ltd(001914) successively acquired 100% equity of Shanghai Airlines property and 95% equity of China Southern Airlines property.

Investment suggestion: focus on four main lines

The property industry is positioned as the “grass-roots pillar of community governance”, with strong policy support from governments at all levels. “High quality and good price” is conducive to expanding the overall development space of the industry. Starting from the development trend of the industry and the company’s resource endowment, it is suggested to pay attention to four main lines: 1) the first echelon of scale and platform companies that are expected to export management and resources, recommend country garden services, and green city services Elegant life service, rongchuang service and Jinke service; 2) For the growth target of the second echelon of the scale, it is recommended to pay attention to xinchengyue service, Jianye new life, Xuhui Yongsheng service and Shimao service; 3) It is recommended to pay attention to New Dazheng Property Group Co.Ltd(002968) , Baolong business and excellent business enterprises for professional business management targets with high charging level and large profit elasticity; 4) For the property management targets of central enterprises with outstanding resource endowment, it is recommended to pay attention to China Merchants Property Operation & Service Co.Ltd(001914) for CNOOC property, poly property and China Resources Vientiane life.

Risk analysis: labor cost risk; Risk of value-added service expansion; Dependence risk of related parties; Outsourcing risk.

 

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