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A as it has acquired more than 70 companies in t

时间:2017/11/5 1:40:40 点击:

  核心提示:(4) FY2015 results fail to meet expectation;(5) Policy risk. (3) Keener competition;companies (2) Rising labour cost; (1) Deteri...

   (4) FY2015 results fail to meet expectation;

(5) Policy risk.

(3) Keener competition;companies

(2) Rising labour cost;

(1) Deterioration of account receivables turnover;

Risk factors

The company was trading at 17x 2015E PER,slightly above its peers. Given its profitability and leading position, this could be justified if more details are announced for its expansion plan & O2O strategy. However, as the market is highly fragmented, we have concerns about the sustainability of high profitability.

Valuation

While the result of organic growth is to be observed, the focus of the 2H2015 result will be the integration of Shenzhen Kaiyuan. Since Kaiyuan adopted lump-sum basis for its revenue booking, it will boost the revenue significantly while drag down the GPM of Colour Life in 2H2015 as the group adopts commission basis which recognizes nearly 100% GPM. Also, it may take some time for Colour Life to absorb Kaiyuan and improve its profitability.

Preview of 2H2015

Colour Life has developed a mobile application called Caizhiyuan (事实上than彩之云), which offers services like housekeepi银河国际网站ng, repair, shopping assistance, l想知道teasing, wealth management and others to res想知道

A as it has acquired more than 70 companies in t

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idents with the support from third-party service providers. Notable companies such as SF Express,, Mengniu and Anbang Insurance have been contributing to the platform. Colour Life is also co-operating with Qihoo 360, a pre-IPO investor, to build a smart home security service system.

Value-added services through O2O

Going forward, as the brand of Colour Life is now well-established,the company will rely more on organic growth, especially in 2nd and 3rd tier cities. They believe their competitive edge is the lower cost achieved through standardization, integration and automation. They claim workers required to manage is around half of the industry average, and thus the average monthly management fee charged is around RMB1.5 per sq.m., while some leading managers could charge RMB3-4 per sq.m. As such, management believes the company will be competitive in bidding process. This also allows the company to expand engineering services segment by having more opportunities to upgrade residential communitiesas’ facilities.

Attributable to its rapid expansion,Colour Life has been aggressive in M&A as it has acquired more than 70 companies in the past decade. The targeted IRR for these M&A is 看着70≥ 15% with a payback period of five years. Its acquisition of Shenzhen Kaiyuan in Jun 2015, one of the top 100 property managers, has boosted the GFA managed by 29.3m sq.m.

Focus will be organic growth

Despite being a leader, Colour Life only had 1.3% market share in China as the market is highly fragmented. The combined market share of top 100 companies was 7%, according to the company.Many of them are subsidiaries of top property developers, focusing on managing properties developed by parent. However, out of all the GFA of properties managed by Colour Life, only 3% was constructed by Fantasia. Its clients have been properties developed by mid-to-large sized developers, such as Greenland Group.

According to China Index Academy, Colour Life was honoured as 其实as“2014 World Largest Property Management Company in terms of Total GFA of Residential Properties ManagedA”.

A market leader in a highly-fragmented market

Listed in Jun 2014, Colour Life is a leading property management company in China. As a spin-off of Fantasia(1777.HK), Fantasia is the controlling shareholder with a 72% stake.As at the end of 2015, the company provided services to a total of contracted GFA of more than 320m sq.m.

Company background

COLOUR LIFE SERVICES 相比看than–An ambitious property manager focusing on organic growth and O2O


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作者:雪山上的草 来源:访枫
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