Analyst

Steve

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/times-neighborhood-holdings" target="_blank" data-smartkarma-citation="entities:28666:1" rel="noopener">Times Neighborhood (9928 HK)</a> is a China property management company headquartered in the Big Bay Area, trading at 3x 2023 P/E and below net cash.</li>
<li>China property management as a sector has lost most of its value given close relationship with China property.  However, there are still some investable property management companies.</li>
<li>Upcoming catalysts include interim results in August, potential favorable policies in China property sector, and potential shareholder actions.  </li>
</ul>



Times Neighborhood (9928 HK) is a China property management company headquartered in the Big Bay Area, trading at 3x 2023 P/E and below net cash.
China property management as a sector has lost most of its value given close relationship with China property.  However, there are still some investable property management companies.
Upcoming catalysts include interim results in August, potential favorable policies in China property sector, and potential shareholder actions.  


Times Neighborhood (9928 HK): China Property Play With High Margin of Safety

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/times-neighborhood-holdings" target="_blank" data-smartkarma-citation="entities:28666:1" rel="noopener">Times Neighborhood (9928 HK)</a> has been a disastrous call since we first highlighted it. In this insight, we reflect upon the red flags we could have done well to spot. </li>
<li>We cover red flags ranging from the level of precise guidance, pivot in strategy, and the parent's poor financial health, to the effect on receivables sucking cash from the company. </li>
<li>Everyone makes mistakes (we are human, after all). We would like to share our experience to educate readers to become better investors and sidestep investments in such names.  </li>
</ul>



Times Neighborhood (9928 HK) has been a disastrous call since we first highlighted it. In this insight, we reflect upon the red flags we could have done well to spot. 
We cover red flags ranging from the level of precise guidance, pivot in strategy, and the parent's poor financial health, to the effect on receivables sucking cash from the company. 
Everyone makes mistakes (we are human, after all). We would like to share our experience to educate readers to become better investors and sidestep investments in such names.  


Takeaways from the Times Neighborhood Investment Debacle

Binjiang Service Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/binjiang-service-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28940:1" rel="noopener">Binjiang Service Group (3316 HK)</a> presents a unique opportunity for investment in the property management space trading at 11.6x/9.4x FY22/23 PE, with a dividend yield of 5.2% FY22e (60% payout).</li>
<li>The company has &gt;35% of its market capitalization in cash, and the parent so far has been a relatively safer investment option compared to the rest in the property space.</li>
<li>If the company is willing to continue paying &gt;60%, we believe it can rerate to multiples comparable with SOEs of 16-20x PE.</li>
</ul>



Binjiang Service Group (3316 HK) presents a unique opportunity for investment in the property management space trading at 11.6x/9.4x FY22/23 PE, with a dividend yield of 5.2% FY22e (60% payout).
The company has &gt;35% of its market capitalization in cash, and the parent so far has been a relatively safer investment option compared to the rest in the property space.
If the company is willing to continue paying &gt;60%, we believe it can rerate to multiples comparable with SOEs of 16-20x PE.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.</li>
<li>An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.</li>
<li>Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.</li>
</ul>


Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.
An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.
Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

Orient Overseas International / Index Rebalance

<ul>
<li>There are 29 inclusions and 12 deletions for the HSCI at the March rebalance. 26 of the inclusions will be added to Connect while all deletes will leave Stock Connect.</li>
<li>Some of the Stock Connect deletions have a lot of mainland holdings and there could unwinding of some of the positions ahead of becoming sell-only on the link.</li>
<li>Orient Overseas International, United Energy, Cloud Village and Gcl Poly Energy Holdings Limited could also move higher over the next couple of weeks before the stocks enter Stock Connect.</li>
</ul>


There are 29 inclusions and 12 deletions for the HSCI at the March rebalance. 26 of the inclusions will be added to Connect while all deletes will leave Stock Connect.
Some of the Stock Connect deletions have a lot of mainland holdings and there could unwinding of some of the positions ahead of becoming sell-only on the link.
Orient Overseas International, United Energy, Cloud Village and Gcl Poly Energy Holdings Limited could also move higher over the next couple of weeks before the stocks enter Stock Connect.


HSCI Index Rebalance: 29 Adds, 12 Deletes & Changes to Stock Connect

China

Times Neighborhood Holdings Limited provides real estate services. The Company offers property management solutions such as cleaning, gardening, repairing, and maintenance activities. Times Neighborhood Holdings serves customers in China.

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Times Neighborhood (9928 HK)