Zhitong Financial APP learned that Morgan Stanley released a research report reiterating the "buy" rating of Yashi Life Services (03319). Based on the slowdown in the overall inner housing market, the related developers' property contribution to the managed area was lower, and the earnings forecast for 2021-23 was lowered by 3%. 6% per share, with the target price reduced by 18.5% from HK $52.90 to HK $43.10.

According to the report, Agile Group (03383) and Agile announced earlier that Agile intends to issue 2.418 billion yuan of exchangeable bonds that can be exchanged for H-shares, with a net income of 2.37 billion yuan. After the exchange of convertible stocks and bonds, Acju's shareholding will fall from 50.2% to 47.61%. Daiwa believes that this operation has a negative impact on elegant life, but believes that the company will reduce its dependence on Agile and its operation will not be affected.

Agile said it would not sell any Agile shares within 90 days, which the bank believes will allay the concerns of short-term investors, and that Agile is expanding and relying less on Agile, the report said. The bank expects the above-mentioned companies' contributions to continue to decline and Yasheng to continue to expand third-party acquisitions in the coming years.