20220322-招银国际-远洋服务-06677.HK-More_visibility_needed_for_its_ambitious_2025_plan_4页_772kb
报告摘要
Sino-Ocean Service (6677 HK) Company Update Summary
Core Content
Sino-Ocean Service is a property management company listed on the Hong Kong Stock Exchange, with a focus on community value-added services (VAS), property management (PM), and commercial operations. The company has shown strong growth in FY2021, delivering a 70% increase in earnings and a 47% revenue growth, primarily driven by the community VAS segment, which saw a 149% YoY increase. Despite the strong performance, the management has introduced an ambitious 2025 revenue target of RMB10bn+ (40% CAGR), but there are concerns about the visibility of key growth drivers.
Main Points
2021 Performance Highlights
- Revenue: RMB3bn, up 47% YoY
- Earnings: RMB439mn, up 70% YoY
- EPS: RMB0.37, up 28% YoY
- Dividend: RMB0.09/share, 25% payout ratio (down from 40% in 2020)
- Gross Profit Margin (GPM): 27.8%, up 2.5ppt YoY
- Net Profit Margin (NPM): 14.8%, up 2.1ppt YoY
Key Business Segments
- Community VAS: 149% YoY growth, driven by community living services (+567%) and property brokerage services (+533%)
- GPM: 40% (down from 62% in 2020)
- Developer VAS: 60% YoY growth
- Commercial Operations: 28% YoY growth, with GPM of 75% for shopping malls and 73% for office buildings
- Contribution to GPM: Boosted commercial operational and PM GPM to 34% and 24% respectively
2025 Revenue Target
- Target: RMB10bn+ revenue (40% CAGR)
- Concerns: Ambiguity in the commercial operation model and potential slowdown in community VAS due to increased third-party and non-residential projects
Financial Overview
Earnings Summary (YE 31 Dec)
| Year | Revenue (RMB mn) | Net Income (RMB mn) | EPS (RMB) |
|---|---|---|---|
| FY18A | 1,610 | 323 | N.A. |
| FY19A | 1,830 | 377 | N.A. |
| FY20A | 2,023 | 511 | 0.29 |
| FY21A | 2,966 | 825 | 0.37 |
| FY22E | 3,484 | 565 | 0.48 |
Key Ratios (YE 31 Dec)
| Ratio | FY18A | FY19A | FY20A | FY21A | FY22E |
|---|---|---|---|---|---|
| GPM | 20.1 | 20.6 | 25.3 | 27.8 | 28.4 |
| NPM | 8.5 | 11.3 | 12.7 | 14.8 | 16.2 |
| ROE | 27.4 | 49.4 | 12.7 | 18.3 | 17.4 |
| ROA | 3.2 | 5.0 | 8.3 | 11.5 | 10.7 |
| P/E | 9.7 | 8.5 | 6.4 | - | - |
| P/B | 1.1 | 1.6 | 1.4 | - | - |
| Yield | 6.2% | 2.9% | 2.0% | - | - |
Share Performance
| Period | Absolute Return | Relative Return |
|---|---|---|
| 1-mth | -16.3% | -3.5% |
| 3-mth | -4.4% | 3.1% |
| 6-mth | -26.6% | -15.0% |
| 12-mth | -15.2% | 14.5% |
Market Capitalization and Shareholding
- Market Cap: HK$4,357 million
- Shareholding Structure:
- Sino-Ocean Group: 67.6%
- Free float: 32.4%
Analyst Ratings and Target Price
- CMBIGM Rating: BUY
- Target Price: HK$7.13
- Potential Upside: +93.8% from current price (HK$3.68)
- Peer Comparison: Sino-Ocean Service is among the top-rated companies in the sector, with several peers also receiving BUY ratings
Financial Health
- Net Cash Position: The company has maintained a net cash position in recent years
- Current Ratio: 2.6 in FY21A, indicating strong liquidity
- Receivable Turnover Days: 64 in FY21A, showing efficient collections
- Net Profit Growth: 70.4% in FY21A, with a projected 40.4% in FY22E
Conclusion
Sino-Ocean Service has demonstrated strong growth in FY2021, with a notable increase in community VAS and commercial operations contributing to improved margins. Despite the ambitious 2025 revenue target, the company faces challenges with the visibility of its commercial operations model and potential growth slowdown in community VAS. The current valuation (6x P/E) is attractive, supporting the BUY rating. Investors should be aware of the risks and consider consulting a financial advisor before making investment decisions.
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