TIMES NEIGHBORHOOD (9928 HK) Specific 4321 core strategy, focusing on external expansion and community VAS March 23, 2021 70

PSR Recommendation: BUY Status: Maintained
Target Price: HKDHKD10.91

Investment Summary
On March 10, 2021, the company announced its annual results for the year ended December
31, 2020. The company’s 2020 revenue was RMB 1.76 billion, an increase of 63% year-on-year,
which was lower than our previous expectations. Revenue from Property management
services/VAS to non-property owners/Community VAS/Professional services increased yearon-year by 48.9%/53.3%/135.2%/187.3% respectively, and core net profit attributable to
owners of the parent was RMB 233 million, an increase of 93.7% year-on-year , beat our
previous expectations, mainly due to the company’s cost control and property management
services GPM increase during the period, the core net profit attributable to owners of the
parent margin increased from 11.1% in 19 years to 13.2% in 20 years, an increase of 2.1 ppts.

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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