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Research Report

26/08/2020 15:49

{I-bank focus}Morgan ups Country Garden (02007) to HK$13.15

[ET Net News Agency, 26 August 2020] Morgan Stanley raised its target price for Country
Garden Holdings (02007) to HK$13.15 from HK$12.9 on NAV revision and maintained its
"overweight" rating.
The research house said Country Garden's 1H results missed. Net gearing on total equity
increased to 58.1%, from 46.3% at end-2019.
Management now sees 2020 consolidated revenue flat (versus consensus of 14% growth),
mainly due to construction delays during COVID-19 and a lower consolidation ratio for
projects acquired in 2017-18. In the meantime, it expects earnings from associates and JCE
(jointly-controlled entities) to increase meaningfully.
Morgan reduced its 2020-22 EPS estimates by 12%/6%/9% to reflect slower revenue booking,
normalized gross margins, and 1H new land acquisitions. (KL)

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