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Monday, 23 August 2021, 14:54 HKT/SGT

Source: Redsun Services Group Limited
Redsun Services is given "Buy" and "Outperform" Rating by CMB International and CCB International

HONG KONG, Aug 23, 2021 - (ACN Newswire) - Redsun Services Group Limited ("Redsun Services" or the "Group") (stock code: 1971.HK), a fast growing comprehensive community services provider focusing on the Yangtze River Delta, is given "Buy" and "Outperform" rating by CMB International and CCB International with a target price of HK$9.37 and HK$6.60 respectively, given its strong first-half results in 2021 ("1H21").

CMB International mentioned that third-party contribution of GFA under management has elevated to 60% in 1H21 (37% in 1H20) and covers a wider array including industrial parks, hospitals and schools. It is expected to reach 70% third-party contribution by 2023. On another note, the Group's M&A growth accelerated as it acquires 80% equity in both Wuhan Huideheng and Gaoli Property Management with expected annual revenue, reaching RMB129 million in 2021. In addition, community value-added services rose 230% in the first half of 2021 which drove revenue growth and margins expansion. CMB International considers Redsun Services' valuation attractive.

CCB International considers Redsun Services' stock deeply undervalued given its 71.2% growth in adjusted net profit in the 2021 interim results. Gross profit margin widened 2.6ppt to 28.9% thanks to effective cost control, technology advancements, business mix enhancements, and an increase in unit property management fees. The Group has a more balanced business development. It is also ramping up its community value-added services by covering full-cycle living services.

About Redsun Services Group Limited
Established in Nanjing in 2003, Redsun Services Group Limited is a fast-growing comprehensive community service provider focusing on the Yangtze River Delta. With a vision of "making lives warme", the Group has provided and endeavors to continue to "provide customers with high-quality services with sincerity" to better serve its customers. The Group has established the regional leading position in the property management market of Jiangsu province and is well-recognised nationwide. The Group was recognized as one of the Top 100 Property Management Companies by CIA for four consecutive years since 2017 and ranked 19th among the 2021 Top 100 Property Management Companies in terms of overall strength. In December 2020, the Group was included by FTSE Russell in the FTSE Global Micro-Cap Index. In 2021, the Group was selected as a constituent of the Hang Seng Property Service and Management Index.

Topic: Press release summary
Source: Redsun Services Group Limited

Sectors: Daily Finance, Real Estate
From the Asia Corporate News Network

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