[ET Net News Agency, 31 July 2020] Goldman Sachs reinstated coverage on China Jinmao
Holdings (00817) with a "buy" rating and a target price of HK$6.7.
After factoring in the recent share placement, as well as the company's year-to-date
land-banking, the research house's underlying EPS estimates are Rmb0.56/Rmb0.74/Rmb0.90 in
2020-22, implying a 27% CAGR versus peers' average of 12%.
In 1H Jinmao achieved Rmb103bn presales, up 31% against peer average's +2%. Goldman
expects its strong presales growth momentum to continue in 2H, which should make its 2020
target of Rmb200bn easily in reach and Goldman views positively management's guidance of
Rmb250bn/300bn for 2021/22. (KL)