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