Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/times-neighborhood-holdings">Times Neighborhood</a> is a comprehensive property management service provider in China with deep roots in the Greater Bay Area, aiming for nationwide expansion and business diversification.</li>
 <li>The company has demonstrated a return to profitability in recent fiscal years, following a significant loss in 2023. This recovery is supported by revenue growth and an improving net margin.</li>
 <li>Despite recent positive performance, the company faces challenges from a declining earnings trend over the past five years and has an unstable dividend track record.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Times Neighborhood is a comprehensive property management service provider in China with deep roots in the Greater Bay Area, aiming for nationwide expansion and business diversification.
  The company has demonstrated a return to profitability in recent fiscal years, following a significant loss in 2023. This recovery is supported by revenue growth and an improving net margin.
  Despite recent positive performance, the company faces challenges from a declining earnings trend over the past five years and has an unstable dividend track record.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Times Neighborhood (9928 HK) - May 2026

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The cheap valuations of the Hong Kong market have driven an increase in privatisation activities. Stocks with profit, high net cash, and low P/B are likely candidates.</li>
<li>We discover 29 stocks with net cash more than their market capitalisation while having a P/B of below 0.5x. Many of them are small-cap stocks.</li>
<li>The cheapest five names are trading on P/B of no more than 0.2x. Also, six stocks have their major shareholders owning a significant 75% stake.</li>
</ul>


The cheap valuations of the Hong Kong market have driven an increase in privatisation activities. Stocks with profit, high net cash, and low P/B are likely candidates.
We discover 29 stocks with net cash more than their market capitalisation while having a P/B of below 0.5x. Many of them are small-cap stocks.
The cheapest five names are trading on P/B of no more than 0.2x. Also, six stocks have their major shareholders owning a significant 75% stake.


China & HK Strategy: Are These Stocks Potential Privatisation Targets?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Evergrande Property Services Group / Event-Driven

Evergrande Property Services Group (6666 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/evergrande-property-services" target="_blank" data-smartkarma-citation="entities:30921:1" rel="noopener">Evergrande Property Services (6666 HK)</a> is in a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” </li>
<li>The trading halt likely relates to <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande (3333 HK)</a> liquidators’ efforts to sell Evergrande Group’s majority interest in Evergrande Services.</li>
<li>The sale is likely to trigger an unconditional mandatory general offer. I estimate the potential offer price to be around HK$1.08 per share, a 17.8% premium to the last close.</li>
</ul>



Evergrande Property Services (6666 HK) is in a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
The trading halt likely relates to Evergrande (3333 HK) liquidators’ efforts to sell Evergrande Group’s majority interest in Evergrande Services.
The sale is likely to trigger an unconditional mandatory general offer. I estimate the potential offer price to be around HK$1.08 per share, a 17.8% premium to the last close.


Evergrande Services (6666 HK): Liquidation of Evergrande’s Stake to Trigger an Unconditional MGO?

Analyst

Steve

<ul>
<li>
<a href="https://www.smartkarma.com/entities/country-garden-services-holdin" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services (6098 HK)</a> announced a profit warning for 1H23 last night, expecting sales to increase by 3-4% yoy and net profit to see a 0-10% drop yoy.</li>
<li>The company also announced the intention to repurchase up to 10% of total shares outstanding. </li>
<li>Share price up +18% following the profit warning and share buyback announcement - a good read-across for the rest of the sector that will report interim results later this month. </li>
</ul>



Country Garden Services (6098 HK) announced a profit warning for 1H23 last night, expecting sales to increase by 3-4% yoy and net profit to see a 0-10% drop yoy.
The company also announced the intention to repurchase up to 10% of total shares outstanding. 
Share price up +18% following the profit warning and share buyback announcement - a good read-across for the rest of the sector that will report interim results later this month. 


Country Garden Services (6098 HK): 1H23 Profit Warning A Good Read-Across For The Sector

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Having first introduced the three red line guidance in late 2020, the government has begun shifting its stance, and relaxing some of its regulatory oversight.</li>
<li>In this note, we looked at recent news developments and how some larger developers fared against the three red lines criterion.</li>
<li>Of the large developers we looked at, there are a few names which stand out which could potentially do a capital raising given their financial standing. </li>
</ul>


Having first introduced the three red line guidance in late 2020, the government has begun shifting its stance, and relaxing some of its regulatory oversight.
In this note, we looked at recent news developments and how some larger developers fared against the three red lines criterion.
Of the large developers we looked at, there are a few names which stand out which could potentially do a capital raising given their financial standing. 


Chinese Developers’ Overview - Shift in Sentiment but a Few Still Needs Some Equity

China

Times Neighborhood Holdings Ltd. is a property management service provider in the People's Republic of China, managing residential, commercial, industrial, and public properties. It also offers community value-added services, value-added services to non-property owners, and professional services like elevator maintenance. The company was founded in 1998 and is headquartered in Guangzhou, China.

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Times Neighborhood (9928 HK)

Primer: Times Neighborhood (9928 HK) - May 2026

Times Neighborhood is a comprehensive property management service provider in China with deep roots in the Greater Bay Area, aiming for...

αSK Primers

China & HK Strategy: Are These Stocks Potential Privatisation Targets?

Hong Kong market sees a rise in privatisation as cheap valuations attract investors. We developed a list of 29 stocks attractive for potential...

Osbert Tang, CFA

Evergrande Services (6666 HK): Liquidation of Evergrande’s Stake to Trigger an Unconditional MGO?

The trading halt likely relates to Evergrande liquidators’ efforts to sell Evergrande Group’s majority interest in Evergrande Services, which could...

Arun George

Country Garden Services (6098 HK): 1H23 Profit Warning A Good Read-Across For The Sector

Country Garden Services issued a less-than-feared profit warning and a share buyback announcement - a good read-across for the rest of the sector...

Steve

Chinese Developers’ Overview - Shift in Sentiment but a Few Still Needs Some Equity

Country Garden Holdings just launched a primary placement to raise US$300m, at a fixed 17.7% discount to last close. Proceeds will be used to repay...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Times Neighborhood (9928 HK) - May 2026

Times Neighborhood is a comprehensive property management service provider in China with deep roots in the Greater Bay Area, aiming for...

αSK Primers

China & HK Strategy: Are These Stocks Potential Privatisation Targets?

​Hong Kong market sees a rise in privatisation as cheap valuations attract investors. We developed a list of 29 stocks attractive for potential...

Osbert Tang, CFA

Evergrande Services (6666 HK): Liquidation of Evergrande’s Stake to Trigger an Unconditional MGO?

The trading halt likely relates to Evergrande liquidators’ efforts to sell Evergrande Group’s majority interest in Evergrande Services, which could...

Arun George

Country Garden Services (6098 HK): 1H23 Profit Warning A Good Read-Across For The Sector

Country Garden Services issued a less-than-feared profit warning and a share buyback announcement - a good read-across for the rest of the sector...

Steve

Chinese Developers’ Overview - Shift in Sentiment but a Few Still Needs Some Equity

Country Garden Holdings just launched a primary placement to raise US$300m, at a fixed 17.7% discount to last close. Proceeds will be used to repay...

Clarence Chu

Hong Kong market sees a rise in privatisation as cheap valuations attract investors. We developed a list of 29 stocks attractive for potential...