[ET Net News Agency, 7 July 2020] Jefferies Research initiated coverage on Guangzhou
R&F Properties (02777) with a "hold" rating and target price of HK$10.36.
The research house said R&F is a national player with low earnings visibility. Jefferies
believes its earnings will likely miss consensus again due to weak sales/fast GPM squeeze
caused by an ill-suited strategy.
Also, Jefferies sees a low chance for it to re-rate as near-term gearing improvement is
unlikely, and the research house is concerned about its potential placement in 3Q.
It said that R&F may miss its full-year sales target again with only 5% growth to
RMB145bn in 2020, considering its below-peer 34% target completion in 1H. (KL)
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02777 R&F PROPERTIES
Nominal 
0.890 +0.060 (+7.229%) Others
07/07/2020 15:42
{I-bank focus}JEF starts R&F Properties (02777) at HK$10.36
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