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01233 TIMES CHINA
RTNominal down0.200 -0.006 (-2.913%)
Research Report

12/07/2019 16:05

[I-bank focus]UOBKH starts Times China (01233) at HK$17.6

[ET Net News Agency, 12 July 2019] UOB Kay Hian initiated coverage on Times China
Holdings (01233) with a target price of HK$17.6 and a "buy" rating.
The research house likes Times China for its leading exposure to key node cities within
GBA, where UOBKH sees more upside versus the tier-1 cities. As of end-2018, Times China's
landbank exposure to GBA was 61% by GFA, of which 79% lie in key node cities.
It believes that Times China will likely maintain higher than 20% contracted sales
growth in the coming years and a strong urban redevelopment pipeline will ensure a source
of affordable landbank in the GBA.
Management expects 10.8m sqm of redevelopment projects will be converted in 2019-21,
representing >58% of the developer's landbank as of end-2018. (KL)

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