[ET Net News Agency, 18 June 2019] Morgan Stanley cut its target price for Sino-Ocean
Group Holding (03377) to HK$2.68 from HK$2.98 and maintained its "underweight" rating.
The research house said its "underweight" rating on Sino-Ocean was based on its
relatively slow execution, aggressive land acquisitions in 2017-1H 2018 with low stakes,
and sluggish growth margin.
Meanwhile, the stock is trading at 7.2x FY2019 P/E and a 47% discount to NAV, higher
than the small-to-mid caps averages of 6.1x and 54%. (KL)