[ET Net News Agency, 26 February 2020] Nomura raised its target price for Sunac China
Holdings (01918) to HK$54 from HK$50 and maintained its "buy" rating.
The research house likes Sunac's large land bank (life 5.5 years) and large exposure to
tier 1 and core districts in tier 2 cities (55%). Nomura expects its contracted sales to
register 13% CAGR over 2019-21, from CNY556bn in 2019 to CNY704bn in 2021, making it the
no.2 player in the industry (in terms of sales scale; #4 in 2019).
Nomura thinks Sunac's current valuation discount against China Vanke (02202)(P/E at 27%
discount), its closest peer, is not reasonable. It expects the rerating to continue with
the ongoing de-gearing (net gearing 100% in 2020 versus 160% in FY2019). (KL)
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01918 SUNAC
Nominal 
1.060 +0.020 (+1.923%) Others
26/02/2020 14:30
{I-bank focus}Nomura raises Sunac China (01918) to HK$54
| Remark: | Real time quote last updated: 23/09/2024 12:53 |
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