[ET Net News Agency, 12 June 2020] Nomura lowered its target price for China Resources
Land (CRL)(01109) to HK$40.7 from HK$44 and maintained its "buy" rating.
The research house said CRL has a good landbank at a prime location (67% in tier 1 and
in core districts in tier 2 cities), which provides a solid foundation for a 10%
contracted sales CAGR in 2020-21.
Nomura sees a good chance of upside to CRL's sales growth, as it may turn more
aggressive on growth under the new chairman, Wang Xiangming. Margin normalization is the
company's key concern.
However, CRL may record an EPS CAGR of 12% in 2020-21 despite GPM likely falling to 31%
in 2021 (versus 37% in 2019) owing to strong delivery (Nomura estimated top-line CAGR of
+26% in FY2020-21). The spin-off of the property management subsidiary in 2H should also
drive a re-rating. (KL)
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01109 CHINA RES LAND
Nominal 
21.150 -0.200 (-0.937%) Research Report
12/06/2020 09:43
{I-bank focus}Nomura lowers CR Land (01109) to HK$40.7
| Remark: | Real time quote last updated: 23/09/2024 17:59 |
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