[ET Net News Agency, 26 February 2020] Nomura lifted its target price for China Jinmao
(00817) to HK$7.4 from HK$6 and maintained its "buy" rating.
The research house said its expectation of a contracted sales CAGR of 23% over 2020-21
for Jinmao, from CNY161bn in 2019 to CNY240bn in 2021 - the highest among mid-cap
developers within Nomura's coverage - is underpinned by its ample land bank (4.6 years)
and high-quality exposure to tier 1 and core districts in tier 2 cities (57% of the
company's land bank).
Nomura said Jinmao's land acquisition advantage (i.e. low land cost) on the back of a
unique city operation model (now a pipeline of more than 20 projects with saleable
resource of over CNY1tn; city operation projects contributed 40% to 2019 land
acquisitions) should aid the company to further stand out as the land auction market will
stay heated in 2020.
Nomura estimated an EPS CAGR of 32% for Jinmao over FY2020-21, accelerating from +19%
CAGR in FY2018-19. (KL)
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00817 CHINA JINMAO
Nominal 
0.580 +0.010 (+1.754%) Research Report
26/02/2020 14:16
{I-bank focus}Nomura lifts China Jinmao (00817) to HK$7.4
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