Market situation: ah core property index of this moonlight real estate – 14%
Index: in March 2022, Everbright real estate ah core property index rose or fell by – 13.9% in a single month, underperforming the CSI 300 index by 6.1pct, Underperformed the Hang Seng Index by 10.8pct, Underperformed the Hang Seng Hong Kong stock connect index by 8.6pct; From January to March 2022, Everbright real estate ah core property index rose or fell by – 12.57%, outperforming the CSI 300 index by 2.0pct, Underperformed the Hang Seng Index by 6.6pct, Underperformed the Hang Seng Hong Kong stock connect index by 4.2pct.
Individual stocks: increase this month: the average increase and decrease of sample stocks is – 9.6%; The front row of gains and losses are: Shenzhen Sdg Service Co.Ltd(300917) (+ 70.6%), China Merchants Property Operation & Service Co.Ltd(001914) (+ 12.5%), CNOOC property (+ 10.3%), Nacity Property Service Group Co.Ltd(603506) (+ 8.6%) and poly property (+ 2.6%). From January to March 2022, the average rise and fall of sample stocks is – 15.2%; The top gainers and losers are: Shenzhen Sdg Service Co.Ltd(300917) (+ 35.2%), Yuexiu service (+ 17.0%), CNOOC property (+ 12.7%), Greentown service (+ 9.4%), and China Resources Vientiane life (+ 6.6%).
Hong Kong stock connect: changes in shareholding ratio this month: rongchuang service (+ 2.84pct.) Shimao service (+ 1.51pct.) Poly property (+ 0.42pct.) Baolong commercial (+ 0.39pct.) Excellent business service (+ 0.21pct.). Changes in shareholding ratio of Hong Kong stock connect from January to March 2022: Shimao service (+ 5.88pct.) Rongchuang service (+ 4.87pct.) Jinke service (+ 4.46pct.) Poly property (+ 2.00pct.) Xuhui Yongsheng service (+ 0.95pct.).
Industry dynamic tracking: the meeting of the financial committee of the State Council required to prevent and resolve the risks of the real estate market; Beijing housing and Urban Rural Development Commission and other five departments issued opinions on the transformation of old residential areas and adhered to “property management first”
Central: on March 16, the financial stability and Development Commission of the State Council held a meeting, which proposed to effectively revitalize the economy in the first quarter, actively respond to monetary policies, and maintain a moderate growth in new loans. With regard to real estate enterprises, we should timely study and put forward effective risk prevention and resolution solutions, and put forward supporting measures for the transformation to a new development model. The government work report supports the development of community elderly care and childcare services.
Local: Beijing Municipal Commission of housing and urban rural development and other five departments issued the opinions on Further Strengthening the construction organization and management of old community reconstruction projects, put forward 38 measures to strengthen the organization and management of old community reconstruction, and stipulated that “property management should be the first”, and property service enterprises should participate in the reconstruction of old communities in the whole process.
Enterprise dynamic tracking: the IPO of everything cloud was approved, and 26 sample stocks published the results of 2021
Capital market dynamics: listing progress: on March 30, the overseas listing application of omnicloud was accepted by the CSRC and officially submitted the prospectus to the Hong Kong stock exchange. On March 31, LIGO healthy life was officially listed on the Hong Kong stock exchange.
Performance: as of March 31, 2021, 26 sample stocks had published the performance announcement of 2021, the industry as a whole maintained high growth, and the performance of many companies was positive; Country Garden Services achieved a revenue of 28.8 billion yuan, a year-on-year increase of + 84.9%; Poly property realized a revenue of 10.8 billion yuan, a year-on-year increase of + 34.2%; The revenue of CNOOC property was HK $9.4 billion, a year-on-year increase of + 44.3%.
Investment suggestion: the property industry is positioned as the “grass-roots pillar of community governance”, and it is suggested to pay attention to 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, platform companies that are expected to export management and resources, and it is suggested to pay attention to country garden service, green city service, elegant life service, rongchuang service Jinke service; 2) For the growth target of the second echelon of the scale, Xincheng Yue service is recommended, and it is recommended to pay attention to Shimao service, Jianye new life and Xuhui Yongsheng service; 3) Professional business management objects with high charging level and large profit elasticity, recommend ocean service, and suggest paying attention to New Dazheng Property Group Co.Ltd(002968) , Baolong commerce and excellent commercial enterprises; 4) For the property management targets of central enterprises with outstanding resource endowment, it is recommended to pay attention to the life of China Merchants Property Operation & Service Co.Ltd(001914) , China Resources Vientiane and CNOOC real estate.
Risk analysis: labor cost risk; Risk of value-added service expansion; Dependence risk of related parties; Outsourcing risk.
