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Investing.com - UBS has downgraded Poly Property Services Co Ltd (HK:6049) from Buy to Neutral while slightly raising its price target to HK$36.50 from HK$36.00.
The stock has risen 18% year-to-date and now trades at 11.3x 2026 estimated price-to-earnings ratio, compared to the residential management sector average of 10.8x, suggesting a balanced risk-reward profile according to UBS.
The downgrade comes as Poly Property Services reaches UBS’s price target, with the firm noting the company’s valuation now aligns with its projected value.
UBS observed increasing gross floor area (GFA) terminations in the first half of 2025, indicating Poly Property Services may need to terminate projects with falling cash collection ratios.
The firm also highlighted concerns about low earnings quality in some projects due to rising competition in both residential and public property management segments, along with declining property management fees.
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