Targeting 100m sq m GFA growth in FY22F
? CIFI ES reported a 58% yoy increase in core net profit in FY21. SG&A
expense ratio declined by 0.8% pt yoy to 9.9% thanks to digitisation.
? It targets 100m sq m growth in contracted GFA in FY22F, with c.70% from
third party contracts. It however does not expect rapid growth in city services.
? Reiterate Add with a lower TP of HK$17.6. CIFI ES is our high conviction pick
with its excellent execution capability and strong parental support from CIFI.