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RTNominal down45.250 -0.300 (-0.659%)
Research Report

11/06/2020 18:01

{I-bank focus}Nomura ups Longfor Group (00960) to HK$45.5

[ET Net News Agency, 11 June 2020] Nomura upped its target price for Longfor Group
Holdings (00960) to HK$45.5 from HK$44.85 and maintained its "buy" rating.
The research house estimated contracted sales to register a 10% CAGR in 2020-21, driving
sales to CNY293bn in 2021 (from CNY243bn in 2019).
Nomura thinks Longfor deserves a valuation premium, given its high-quality landbank (62%
in Tier 1 and core districts in Tier 2 cities), low funding cost (cost of funding at 4.6%
is the lowest among non-SOE developers), leading position in property management (industry
top 10 based on GFA under management) and shopping mall operation business and strong
corporate governance (business is run by professional managers). (KL)

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