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03883 CHINA AOYUAN
RTNominal unchange0.098 0.000 (0.000%)
Research Report

21/08/2019 10:51

{I-bank focus}CS lifts China Aoyuan (03883) to HK$10.2

[ET Net News Agency, 21 August 2019] Credit Suisse lifted its target price for China
Aoyuan Group (03883) to HK$10.2 from HK$9 and maintained its "neutral" rating.
The research house said Aoyuan's 1H results beat. Core profit of Rmb1.9bn represents 56%
of Credit Suisse's FY2019 full-year estimates. This was mainly driven by revenue growth.
The total saleable resources of Rmb190bn should well sustain its target achievement in
2019.
Nevertheless, Credit Suisse remains concerned about its long-term growth potential,
given the high exposure into lower-tier cities. It lifted its FY2019/20/21 earnings
estimates by 8%/5%/4% to factor in the higher GFA delivery. (KL)

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