The company's area under management is expected to surge at a compound annual growth rate of 62.2% in 2019-2022. The company proposes to acquire two third-party property management companies with a total managed area of about 25.04 million square meters, equivalent to 157.9% of the total managed area in 2019.

We also expect that the company will continue to provide property management and commercial operation services for most of the property projects developed by China Olympic Park (03883.HK) in the future.

We believe that the property management industry is highly defensive. In the COVID-19 epidemic, the property management company continued to provide services to customers while collecting property management fees. Community value-added services such as community group buying are expected to attract a larger user base. We believe that future industry policies and regulations will focus on promoting the long-term and healthy development of the property management industry.

We predict that the company's total revenue and shareholder net profit will grow at a compound annual growth rate of 42.5% and 37.3% respectively from 2020 to 2022. Due to continued expansion, the company's total revenue is expected to grow by 59.1% year-on-year from 2020 to 2022, respectively. 38.9% / 30.9%. Large-scale acquisitions in 2020 are expected to reduce the company's dependence on parent groups for revenue. Driven by revenue growth but offset by relatively low profit margins for new acquisitions, the company's shareholder net profit is expected to grow by 47.9% / 34.0% / 30.6%, respectively, year-on-year from 2020 to 2022.

For the first time, we cover Olympian Health and give a target price of HK $10.20 per share and a "collection" investment rating. The target price is equivalent to 28.0x / 20.9x / 16.0x 2020-2022.