Aggressive expansion to go beyond FY23F
■ CIFI ES delivered 65% yoy growth in core net profit in 1H21, thanks to strong
revenue growth in community value-added services and cost controls.
■ Third-party contracts will continue to drive its management portfolio growth; we think it could achieve long-term cost efficiency with the use of technology.
■ It targets 5x revenue growth over FY24-28F (its second five-year plan) after
reaching Rmb10bn in FY23F. Reiterate Add with a lower TP of HK$22.