iProperty (ASX:IPP) reported a solid result yesterday and REA Group (ASX:REA) reports today

Canaccord Genuity

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iProperty (ASX:IPP) reported a solid result yesterday and REA Group (ASX:REA) reports today. REA acquired a strategic 17.2% shareholding in IPP for A$106.3m, valuing the company at A$617m. We see significant synergistic benefits in terms of sharing technology and providing strategic advice as IPP emerges as the dominant property portal provider in South East Asia. IPP's nearest competitor in the region, squarefoot.com.hk, is currently owned by REA Group with the strategic stake likely to ensure market share dominance in future periods. Hong Kong represents IPP's biggest revenue opportunity with >US$340m spent on property advertisements annually. We now expect Hong Kong to become a material driver of earnings growth in the long term. Our research can be found at: (VIEW LINK)


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Canaccord Genuity
Canaccord Genuity
Stockbroker
Stockbroker

Canaccord Genuity Group is a leading independent, full-service financial services firm. Canaccord Genuity has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual,...

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