[ET Net News Agency, 16 May 2018] Given the better-than-expected sales volume growth in
lower-tier cities over the past four months, Credit Suisse raised its NAV estimates for
Guangzhou R&F Properties (02777)(rating: underpeform) and Country Garden (02007)(rating:
neutral) by 7% and 4% respectively to reflect their high exposure in lower-tier cities.
Accordingly, the research house lifted its target prices for for R&F and Country Garden
to HK$16 and HK$17 (from HK$15 and HK$16.3), respectively.
Credit Suisse raised its estimate for national property sales volume by 3.2%/1.7% for
2018/2019 to factor in stronger-than-expected momentum in lower-tier cities so far in
2018.
It believes the equity market has been overly concerned about the property tightening
risk and the adverse impact from the de-leveraging for both homebuyers and developers.
(KL)
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02777 R&F PROPERTIES
Nominal 
0.830 +0.050 (+6.410%) Others
16/05/2018 15:51
[I-bank focus]CS ups TPs for R&F Properties & Country Garden
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