Takeaways from virtual property conference
■ Times Neighborbood (TN) expects more contribution to its GFA under management from third-party bidding and less from M&A.
■ It targets core net profit yoy growth of 70%/50% in FY21F/22F, and reiterates
1% pt yoy improvement in FY21F gross margin.
■ Reiterate Add with an unchanged TP of HK$9.8 (0.3x PEG).