[ET Net News Agency, 22 March 2018] Goldman Sachs lifted its target price for China
Resources Land (CRL)(01109) to HK$36.8 from HK$30.7, and reiterated its "buy" rating.
The research house said CRL's FY2017 core profit of HK$18.9bn (up 26% yoy) was in line
with its estimate. Goldman revised up its 2018-2020 underlying profit forecast by
8%/14%/6% to reflect above expectation margins for both the development and rental
businesses, 28% yoy growth in the project delivery target as well as newly added projects.
It said the stock is trading at a 42% discount to end-2018 NAV, 7.5x 2018 P/E and 1.6x
2018 P/B versus offshore coverage average of 35%, 8.4x and 1.4x. Goldman views the
valuation as attractive. (KL)