CLSA has released a research report maintaining an "Outperform" rating on Greentown Service (02869) with a target price of HK$5.50. The firm noted that the company's first-half results aligned with its expectations.

Despite a challenging industry landscape, the property management business has demonstrated resilience, benefiting from steady expansion in total gross floor area under management, while average fees still saw a slight increase amid industry price competition. Continued margin improvements have driven earnings growth to outpace revenue, marking the fourth consecutive year of margin expansion and showcasing strong management execution.

CLSA anticipates that Greentown Service, leveraging its robust brand and relatively resilient customer affordability, will remain one of the industry's clearest growth performers.