This equity research report focuses on the property management company, A-Living (03319 HK). The report rates the investment as "Accumulate" with a target price of HK$13.09, based on a combination of PE, PEG, and DCF valuation methodologies. The report also highlights the company's efforts to reduce its reliance on its parent and strategic partners and pursue a market-oriented development model. The report suggests that the downturn in real estate sales will have limited impact on A-Living's business development. The report concludes by emphasizing the importance of considering both industry beta (political/policy risks) in the short run and the company's alpha (characteristics/advantages) in the long run.
