4 Sep 2024 CMB International Global Markets | Equity Research | Company Update Jinmao Property Services (816 HK) Improved independence with a recovered central SOE as parentco; Upgrade to BUY BUY (Up) The company's earnings were inline with Bloomberg consensus, with NP +18.9% YoY in 1H24 thanks to effective cost control. We think the 2024E target NP growth of >20% is not hard given consolidation of an acquired company, continued cost control and a low base in 2H. We find that the company's independence has ...