[ET Net News Agency, 8 August 2019] Citi Research lowered its target price for Ronshine
China (03301) to HK$17.3 from HK$18.8 and maintained its "buy" rating.
The research house views Ronshine's 1H result as further proof of its multi-year growth
and optimization. Ronshine's share price has lagged on a market view on lagging sales
growth and thin landbank vintage. That said, faster land acquisition since June and
conversion of Zhengzhou/Taiyuan primary land would enrich its landbank.
Sales should also pick up with Rmb120bn resources in 2H to underpin its target of
Rmb140bn. With a higher dividend payout in 2019 (estimated at 25-30%), the risk-reward
looks attractive at 3.7/2.9x 2019/20 PE, 7.1% yield. (KL)
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03301 RONSHINECHINA
Nominal 
0.128 +0.003 (+2.400%) Research Report
08/08/2019 17:41
{I-bank focus}Citi cuts Ronshine China (03301) to HK$17.3
| Remark: | Real time quote last updated: 26/09/2024 13:12 |
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