Equity fundraising to further boost its growth
■ A-Living today raised HK$3.2bn, from its first share placement since IPO, for
future M&As and to enhance its community value-added services.
■ We believe this should remove the overhang on its share price; its growth
guidance for FY21-22F remains unchanged.
■ Reiterate Add and TP of HK$54.6 (0.9x PEG on its attractive valuation of 19x
FY21F P/E and 15 FY22F P/E – 45% discount to mid- to large-cap peers.