Lyon: raised Poly Property Group's target price to HK$36.6, maintaining an "outperform" rating.

According to a report published by Lyon, despite the overall resilience of Poly Property's core property management business, the weak delivery volume of industry projects, coupled with sluggish sales activities, have led to continued pressure on non-owner value-added services, inevitably slowing growth momentum. The report states that due to the underperformance of value-added services, revenue and profit forecasts for Poly Property's 2025 and 2026 fiscal years have been lowered. However, based on a target P/E ratio of 10.5, which is below the five-year average by 0.5 standard deviations, the bank has raised the target price from HK $32 to HK $36.6. Additionally, considering the resilience of core business and the defensive advantages brought by its state-owned background, the bank has maintained an "outperform market" rating.