Re-rating catalysts on the horizon
- Property management spin-off and potential listing of assets as CREITs to drive share price and valuation rerating
- Margins should be bottoming, with earnings en-route to regain stability
- Cutting FY22 earnings to reflect lower margin assumptions and impact from COVID-19 restrictions
- Maintain BUY; cut TP to HK$21.54 for H-shares and Rmb19.06 for A-share
