[ET Net News Agency, 26 February 2020] Nomura cut its target price for Country Garden
Holdings (02007) to HK$13.7 from HK$14.5 and maintained its "buy" rating.
The research house expects stable sales growth ahead (+5% CAGR in 2020-21), on the back
of a steady lower-tier cities market (down 5% in 2020) and its continuous growth of market
share.
Cost optimization (SG&A expense) and lower minority stake (from 30% in FY2019 to 25% in
FY2020-21) bode well for the core net margin bottoming in FY2020 and supporting decent EPS
growth (16%-plus CAGR in FY2020-21) despite slowing top-line growth (contracted sales:
7%-plus CAGR in FY2019-20), Nomura added.
It estimated that Country Garden to register an EPS CAGR of 16% in FY2020-21,
decelerating from a 27%-plus CAGR in FY2018-19. (KL)
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02007 COUNTRY GARDEN
Nominal 
0.485 0.000 (0.000%) Others
26/02/2020 16:42
{I-bank focus}Nomura cuts Country Garden (02007) to HK$13.7
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