该行指出，考虑到具挑战的经济环境，预料其上半年营运现金支出较去年上半年为高，但营运现金流会因为季节性因素而在今年下半年转回正值。Bank of China International is bullish on the strong third-party expansion capabilities and continuously improving efficiency of Greentown Services (02869).
According to the report by China International Capital Corporation, it is bullish on the strong third-party expansion capabilities and continuously improving efficiency of Greentown Services (02869), maintains the "buy" rating, and lowers the target price from HKD 3.99 to HKD 3.92.
The report states that due to the brand support for third-party expansion and cooperation with local state-owned enterprises, the company's revenue in the first half of the year will achieve a growth rate of more than 10%, and gross profit will improve due to higher efficiency and simplified product lines. Core operating profit increased by 15% in the first half of the year, but the provision for bad debts will be higher than in the first half of last year, so it is expected that net profit growth in the first half of the year will be less than 15%.
The bank pointed out that considering the challenging economic environment, it is expected that the company's operating cash outflow in the first half of the year will be higher than in the first half of last year, but operating cash flow will turn positive in the second half of this year due to seasonal factors.
