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02007 COUNTRY GARDEN
RTNominal unchange0.485 0.000 (0.000%)
Research Report

30/03/2020 16:54

{I-bank focus}Goldman cuts Country Garden (02007) to HK$12.6

[ET Net News Agency, 30 March 2020] Goldman Sachs lowered its target price for Country
Garden Holdings (CG)(02007) to HK$12.6 from HK$14.2 and maintained its "buy" rating.
The research house said CG's FY2019 core profit of Rmb40.1bn was largely in line with
Goldman's estimates. Following the result, Goldman revised down its 2020-22 underlying EPS
forecasts by 8%/7%/9% to reflect CG's latest project acquisitions, rising gross margin
pressure and above expected minority interests.
Goldman expects CG to achieve flattish contract sales growth in 2020, which implies a
61% sell-through rate for Rmb907bn (up 20%) attributable saleable resources (including
Rmb694bn new projects to be launched in 2020, up 15%), versus 72% and 70% achieved in
2019/2018. (KL)

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