Takeaways from virtual property conference
■ PM companies continue to guide for high net profit CAGR over FY20-23F, averaging 45%, with higher growth of 60-80% from the newly listed ones.
■ Their management said they will rely less on M&A growth ahead due to fierce
competition, and will explore faster growth from 3rd party projects and VAS.
■ They expect government policy for the sector to remain constructive, and see
faster fee hikes ahead for residential projects.
■ Maintain OW. Top picks: A Living, KWG Living, Powerlong CM and Times
Neighborhood. Sector trades at undemanding valuation of 23x 2022F P/E.