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Research Report

12/06/2020 10:29

{I-bank focus}Nomura trims Country Garden (02007) to HK$12.7

[ET Net News Agency, 12 June 2020] Nomura lowered its target price for Country Garden
Holdings (02007) to HK$12.7 from HK$13.2 and maintained its "buy" rating.
The research house expects stable sales growth ahead (+7% CAGR in 2020-21), on the back
of a steady lower-tier cities market (down 5% y-y in 2020) and continuous market share
It said Country Garden's cost optimization (SG&A expense) and lower minority stake (from
30% in FY19 to 25% in FY20-21) bode well for the core net margin bottoming in FY2020 and
supporting decent EPS growth (15% CAGR in FY2020-21) despite slowing top-line growth
(contracted sales: 10% CAGR in FY2019-20). (KL)

Remark: Real time quote last updated: 30/10/2020 17:59
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