[ET Net News Agency, 21 March 2018] Goldman Sachs lifted its target price for Country
Garden Holdings (CG)(02007) by 6% to HK$25.5, and reiterated its "buy" rating.
The research house revised up its 2018-2020 underlying profit for the company by
8%/5%/8% post CG's 2017 results announcement, with core profit (excluding post-tax
revaluation gains, FX impact, loss on early redemption of notes and changes in fair value
of financial derivatives) up 106% yoy to Rmb24.69bn, 21% above Goldman's estimate.
Goldman said its EPS revisions mainly reflect higher-than-expected margins in 2017 and
its positive view on the company's strategic development focus in counties and townships
going forward, as well as its continuous emphasis on product quality and operational
efficiency improvement. (KL)