BOCI Research: Maintains a "buy" rating on POLY PPT SER (06049) and lowers the target price to HK$51.71.

BOCI Research released a report stating that it maintains a "buy" rating for POLY PPT SER (06049), with a target price lowered to HK$51.71. It is projected that the company's revenue will increase by 9% in the fiscal year 2024 and core net profit will grow by 4.8%. At the same time, the forecast for core earnings per share for the fiscal year 2024 has been reduced by 3.9%. The bank points out that the forecast for the fiscal year 2024 revenue of POLY PPT SER has been lowered by 1.5%, mainly due to the impact of economic growth slowdown on community value-added service revenue and gross profit margin. Additionally, the bank expects that POLY PPT SER's basic property management revenue growth rate will reach 15% target, considering its strong cash flow, strong support from its parent company, and unique competitiveness in non-residential areas.