The Zhitong Finance App learned that Elegant Life Services (03319) fell by more than 6%. As of press release, it fell 6.13% to HK$3.06, with a turnover of HK$56.99,900.

According to the news, Ya Life Service recently announced its 2023 annual results. The group obtained revenue of 15.443 billion yuan during the period, up 0.42% year on year; profit attributable to shareholders was 461 million yuan, down 74.95% year on year; adjusted core net profit was about 1,551 billion yuan, down 30.3% year on year; basic profit per share was 0.32 yuan; and plans to pay a final dividend of 0.06 yuan per share.

CCB International pointed out that the company's performance was weak last year, with both net profit and core profit falling sharply. Last year's net profit was only at the level of the first quarter of 2022, but the final dividend was slightly better than expected. The bank believes that net cash is an advantage in the Group's valuation. Its fundamentals have been damaged by the pandemic and further deteriorated, and it is estimated that there is little room left for recovery. The bank downgraded the elegant lifestyle service rating from “outperforming the market” to “neutral”, and cut the target price in half from HK$7 to HK$3.5.