Bank of China International: Maintains POLY PPT SER "Buy" rating, lowers target price to HKD 51.71

Bank of China International released a research report stating that it maintains a "Buy" rating for POLY PPT SER, with a target price adjusted to HKD 51.71. It is expected that the company's revenue for the fiscal year 2024 will grow by 9%, and core net profit will grow by 4.8%. At the same time, the core earnings per share forecast for the fiscal year 2024 has been lowered by 3.9%. The bank pointed out that the revenue forecast for POLY PPT SER for the fiscal year 2024 has been reduced by 1.5%, mainly considering the impact of economic growth slowdown on community value-added service revenue and gross margin. In addition, the bank expects that POLY PPT SER's basic property management revenue growth rate will reach the target of 15%, based on its strong cash flow, substantial support from the parent company, and unique competitiveness in the non-residential sector