[ET Net News Agency, 7 August 2019] Citi Research lifted its target price for Times
China (01233) to HK$18.6 from HK$17.69 and maintained its "buy" rating.
The research house said Times has once again proven its unique land banking edge through
four urban renewal conversions in 1H, adding 1.5m GFA landbank or Rmb32bn resources. Its
strong pipeline, with 28m sqm potential landbank or Rmb480bn resources (including 12.5m
sqm or Rmb210bn in 2019-21) on top of its existing 23m landbank (Rmb400bn value), remains
its edge among peers, which offers upside to its stable margin (c.26-28% GPM) and backs
sustainable 30% sales/earnings CAGR.
Together with its strong execution capabilities and the very attractive valuation
(4x/3.1x 2019/20 PE, 42% NAV discount and 7.6% dividend yield), as well as a clear
catalyst of further urban renewal conversion in 2H, Citi believes this justifies another
round of re-rating. (KL)
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01233 TIMES CHINA
Nominal 
0.148 +0.004 (+2.778%) Others
07/08/2019 17:29
{I-bank focus}Citi lifts Times China (01233) to HK$18.6
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