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Country Garden Services Holdings Co Ltd 06098

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Stock XHKG Rating as of
HKD 6.00 +0.13 (2.21%)
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Company Report

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Country Garden Services’ Lower Top-Line Growth Forecast Should Weigh on Long-Term Earnings

Jeff Zhang

Country Garden Services, a leading property management services company in China, was spun off into its own listing in 2018 by real estate developer Country Garden Holdings. CGS’ businesses operate in four major segments: 1) property management services, 2) community and nonproperty owner (mainly developer) value-added services, 3) “Three Supplies and Property Management” on utility supplies, and 4) city sanitation and greening services.

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Price vs Fair Value

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06098 is trading within a range we consider fairly valued.
Price
HKD 5.87
Fair Value
HKD 8.00
Uncertainty
Very High
1-Star Price
HKD 89.72
5-Star Price
HKD 3.70
Economic Moat
Sqv
Capital Allocation
Jqrrmzkfl

Bulls Say, Bears Say

Bulls

CGS’ top line may rebound strongly in the next few years as the China real estate market recovers and homeowner demand for community VAS resumes.

Bears

Revenue growth of nonproperty owner VAS hinges on residential project delivery, which is vulnerable to real estate market cycles.

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Trading Information

Previous Close Price
HKD 5.87
Day Range
HKD 5.82–6.02
52-Week Range
HKD 4.25–11.30
Bid/Ask
HKD 5.98 / HKD 6.00
Market Cap
HKD 19.99 Bil
Volume/Avg
19.6 Mil / 27.0 Mil

Key Statistics

Price/Earnings (Normalized)
12.40
Price/Sales
0.42
Dividend Yield (Trailing)
2.71%
Dividend Yield (Forward)
2.71%
Total Yield
4.12%

Company Profile

Country Garden Services was listed on the Hong Kong Stock Exchange in June 2018 as a spinoff via introduction by sister developer Country Garden Holdings. As of June 2022, Yang Huiyan, chairperson of CGH, was also the largest shareholder of CGS with 43% ownership. CGS was among the top residential property management firms in China in terms of revenue and gross floor area under management for 2023. This is mainly ascribed to scalable projects contributed by CGH and rising acquisitions of third-party property management peers. In addition, CGS provides value-added services to developers and homeowners, and city services on public space sanitation and greening.
Sector
Real Estate
Industry
Real Estate Services
Stock Style Box
Mid Value
Total Number of Employees
213,712
Website
http://www.bgyfw.com

Competitors

Valuation

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Metric
06098
02869
01109
Price/Earnings (Normalized)
 12.4016.417.84
Price/Book Value
 0.491.650.77
Price/Sales
 0.420.690.79
Price/Cash Flow
 8.338.077.79
Price/Earnings
06098
02869
01109

Financial Strength

Metric
06098
02869
01109
Quick Ratio
 1.261.310.35
Current Ratio
 1.361.421.34
Interest Coverage
 4.4512.4441.18
Quick Ratio
06098
02869
01109

Profitability

Metric
06098
02869
01109
Return on Assets (Normalized)
 6.01%6.04%2.40%
Return on Equity (Normalized)
 11.40%14.84%11.33%
Return on Invested Capital (Normalized)
 9.25%10.80%4.44%
Return on Assets
06098
02869
01109
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