Ever Sunshine LS (1995 HK) Four-wheel drive, moving towards a life service provider February 24, 2021 172

PSR Recommendation: ACCUMULATE Status: Initiation
Target Price: HKDHKD 24.38

Investment Summary
Yongsheng Property, the predecessor of EVER SUNSHINE LIFESTYLE SERVICES GROUP, was
established in 2002. Since 2003, it has provided property management services for properties
developed by CIFI Holdings, mainly in Beijing and Shanghai, and continues to develop the
eastern region. Since 2013, the company has begun to manage properties developed by third-

party property developers. As of the end of 2016, the company’s GFA under management has
exceeded 10 million square meters, and the total number of property management services
projects has exceeded one hundred. In the industry, it is a company that started expanding
outward earlier. According to the “2020 China Top 100 Property Management Companies
Research Report” released by China Index Academy, the company ranks 12th among the top
100 property management services companies in China.

About the author

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Timothy Chong
Analyst
Research

Timothy Chong received Bachelor’s Degree with first class honor in Banking and Finance from University of Leicester. He is currently studying Master of investment management in Hong Kong Polytechnic University. Before joining Phillip Securities, Timothy worked at BOCOM international and he is equipped with years of experience in the capital market. Timothy is now a licensed research analyst at Phillip Securities and covers Consumer / Property Management sectors.

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