20250825-招银国际-滨江服务-03316.HK-1H25_1Robust_PM_with_5S_VAS_driver_shifting_Targeting_HK_Connect_inclusion_by_FY26_6页_1mb

报告摘要

Binjiang Service maintained robust performance amid competition London decl in management service sector section
H particular about the 2024 quarterly review fair valuation intact despite reduced 5
Basic PM revenue rose 27.9 YoY from expanded managed G
Occup
Basic property management revenue is up 27.9 YoY due to stronger GFA growth and higher fees
Non-owner VAS declined 15 YoY, pulling margins down
5S VAS saw a big jump 32 YoY as business shifts focus to softer services like renovations and community offerings
Margins improved slightly but face pressure from social security costs and aging projects
Maintain "Buy" recommendation with trimmed target price to HK31.79 reflecting minor earnings downgrade
Dividends remain strong with 70 payout ratio, supporting investor appeal
Long-term growth hinges on successful stock connect expansion and deepening premium services penetration

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