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RTNominal down45.400 -0.150 (-0.329%)
Research Report

07/09/2020 14:49

{I-bank focus}Morgan lifts Longfor Group (00960) to HK$45.89

[ET Net News Agency, 7 September 2020] Morgan Stanley lifted its target price for
Longfor Group (00960) to HK$45.89 from HK$45.64 and maintained its "overweight" rating.
The research house said the price target hike was based on its new 2020 NAV estimate of
HK$50.99 (from HK$50.72), to factor in new land replenishment in 1H. Morgan also revised
its 2020/21/22 core earnings estimates by -2%/-6%/1%, respectively, to reflect the steady
growth in property development and growing contribution of rental income to net profit in
Morgan noted that Longfor has a significant land bank in tier 1 & 2 cities. It likes the
company for its leading investment property business, robust balance sheet, and strong
earnings growth visibility of 20% in the next few years. (KL)

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