report: the capital market rebounded strongly in the third quarter, with the value of nine property stocks exceeding hk$10 billion.
2024-10-06
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on october 6, cric property management released a report stating that in the third quarter of 2024, the capital market rebounded strongly. the stock prices of properties listed in hong kong hit a new high during the year, the average price-to-earnings ratio rose to 14 times, and the market value of 9 listed property companies exceeded 10 billion. hong kong dollar.
however, the report also pointed out that the operating performance of listed logistics companies is not optimistic. the companies are stuck in the dilemma of "increasing revenue without increasing profits". in the first half of the year, net profit fell by 30% year-on-year. cash flow also fell under pressure, and the task of reducing accounts receivable remains arduous.
cric property management said that with the support of heavy policy dividends, the stock price hit a new high for the year at the end of the third quarter. property stocks experienced a phased rebound in the middle of this year. the average stock price of listed property companies once rose to hk$4.90, an increase of 19.2% from the end of 2023. . however, the window period for policy effects is extremely short, and property stocks pulled back again in late may.
at the end of the third quarter, supported by heavy policy dividends, property stocks experienced a retaliatory rise.
as of september 30, the average stock price of listed logistics companies rose to hk$5.32, a new high for the year, an increase of 29.5% from the end of 2023. among them, nearly 60% of listed material companies saw their share prices rise.
cric property management said in the report that industry valuations have gradually recovered, with the market value of nine listed property companies exceeding hk$10 billion. due to the rapid rise in stock prices, the average price-to-earnings ratio of listed property companies rose from 11.2 times at the end of 2023 to 14.0 times at the end of the third quarter of 2024, reflecting the gradual recovery of industry valuation levels. the number of listed property companies with a market value exceeding hk$10 billion has also expanded from 6 at the end of 2023 to 9 at the end of the third quarter of 2024.
the report believes that property remains a key asset.
first of all, the property management industry is a long-cycle service industry, and corporate operating performance and cash flow are relatively stable. secondly, real estate and property management need in-depth collaboration, and high-quality property services are an extension of product capabilities.
however, competition in the property management industry has intensified, and companies have not yet gotten out of trouble. the property management industry's dilemma of increasing revenue without increasing profits has intensified, and the net profits of listed property companies fell by 30%
report data shows that the revenue growth rate of the property management industry further slowed to 4.7%. in the first half of 2024, the total operating revenue of 65 listed logistics companies was 146.66 billion yuan, a year-on-year increase of 4.7%, and the growth rate was 2.8 percentage points lower than in 2023.
net profit fell by 30% year-on-year. in the first half of 2024, the total net profit of 65 listed logistics companies was 9.19 billion yuan, a year-on-year decrease of 29.9%, reflecting that the industry is still stuck in the dilemma of increasing revenue without increasing profits, and the profitability of logistics companies has been significantly weakened.
asset impairment losses increased by 153.7% year-on-year, and large provisions for individual companies were still the main cause of losses. in the first half of 2024, the average asset impairment loss of listed property companies reached 140 million yuan, an increase of 153.7% compared with 50 million yuan in the same period last year.
cash and cash equivalents fell by 6% year-on-year, with nearly 60% of companies experiencing a decline. since 2024, the cash flow pressure of logistics companies has continued to exist. in the first half of the year, the average cash and cash equivalents of 65 listed logistics companies was 1.74 billion yuan, a year-on-year decrease of 6%, and nearly 60% of companies experienced a decline in cash and cash equivalents.
cric property management believes that in the current market, property companies still need to practice high-quality development.
at the level of business improvement, we focus on core areas and high-quality customers to increase project density; actively promote grassroots job innovation to help enterprises reduce costs and increase efficiency; optimize related transactions, increase property fee advance collection, large equity transactions, etc., and promote healthy cash flow cycle.
the paper reporter li xiaoqing
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