Bank of Japan’s stubbornness keeps yen volatile: petesweeneypro
expected earnings. Those were better times: a Hong Kong index for the sector has dropped 72% since then.
Onewo will be valued at 17 times 2023 earnings according to IFR, roughly in line with the average of its peers. Look more closely though, and there’s a big split between state-backed firms trading on up to 30 times, and private rivals like Country Garden’s unit on 8 times.The pitch for property managers has been sticky revenue — someone has to keep emptying the bins — with titillating talk of fast-growing technology offerings.
More pertinent to its profit however, are the swings in profitability depending on Onewo’s customers. Last year it made a gross margin of 16% overseeing residential properties for its parent, but 4% working for others. For commercial properties, the margins were 20% and 12% respectively. It attributes the gap to $28 billion Vanke’s brand and quality, and the set-up costs for new third-party work.
Parent Vanke will take some comfort however from other recent listings in Hong Kong. Duty-free operator China Tourism Group , raised $2.1 billion last month, and its shares have risen 13% since, outpacing the wider market. Even so, Onewo doesn’t seem to be making much concession to the tough conditions it faces. In soft markets, that’s a risky ask.
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