[ET Net News Agency, 26 March 2020] Nomura lowered its target price for China Jinmao
Holdings (00817) to HK$7.3 from HK$7.4 and maintained its "buy" rating.
The research house said diversified land acquisition channel enables Jinmao to reverse
the downward margin trend (versus its peers) and drive the earnings growth upcycle.
Despite the uncertainty over COVID-19, management remains optimistic about demand
recovery and guided for 24% contracted sales growth in FY2020 (to CNY200bn) on the back of
CNY311bn of saleable resources (requiring 64% sell-through vs. 68% in FY2019).
After two years of slow earnings bookings, Nomura expects Jinmao's EPS growth to rise in
FY2020-22 (+30% CAGR) underpinned by (1) affluent unbooked sales, (2) faster completion,
(3) bottoming out of gross margins, and (4) increasing equity ratio. (KL)
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00817 CHINA JINMAO
Nominal 
0.570 +0.010 (+1.786%) Research Report
26/03/2020 17:33
{I-bank focus}Nomura lowers China Jinmao (00817) to HK$7.3
| Remark: | Real time quote last updated: 24/04/2024 16:24 |
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