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RTNominal down46.000 -0.100 (-0.217%)
Research Report

28/08/2020 15:11

{I-bank focus}Credit Suisse lifts Longfor Group to HK$49

[ET Net News Agency, 28 August 2020] Credit Suisse lifted its target price for Longfor
Group (00960) to HK$49 from HK$42.9 and maintained its "outperform" rating.
The research house said Longfor's 1H results were in line. Management is confident of
delivering >20% profit growth in FY2020 with guidance turning a bit softer in double
digits for FY2021-22 amid the sales uncertainties.
Credit Suisse sees more benefits as its three non-development business arms are growing
mature (including shopping malls, rental housing and property management). Its edge in
investment properties should strengthen its landbanking capability and the better
profitability would cushion the margin pressure on property development. (KL)

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