[ET Net News Agency, 4 December 2019] Daiwa Research raised its target price for
Country Garden Services (CGS)(06098) to HK$31.9 from HK$28.7 and maintained its "buy"
rating.
The research house attended the reverse roadshow of CGS in Guangdong Shunde. Management
expects strong profit growth in 2H. They believe that the 70m square meters (sqm) target
increase in revenue-bearing GFA for 2019 is likely to be exceeded (+35m sqm in 1H and +17m
sqm from M&A in July 2019).
Management also noted that CGS's revenue and profit growth rates in 2H are likely to be
higher than those in 1H (+74% in revenue and +73% in net profit). For 2020, the company is
targeting at least an 80m sqm increase in its revenue-bearing GFA, and >40% growth in its
revenue.
Daiwa raised its 2019-21 revenue forecasts by 7-13% and net profit estimates by 8-10% to
factor in our higher forecasted growth for all 3 business segments of CGS. (KL)
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06098 CG SERVICES
Nominal 
4.390 +0.090 (+2.093%) Research Report
04/12/2019 09:55
{I-bank focus}Daiwa raises CG Services (06098) to HK$31.9
| Remark: | Real time quote last updated: 19/04/2024 13:05 |
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