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RTNominal down14.100 -0.160 (-1.122%)
Research Report

21/09/2020 15:55

{I-bank focus}DBS raises Evergrande (03333) to HK$18.96

[ET Net News Agency, 21 September 2020] DBS Group Research raised its target price for
China Evergrande Group (03333) to HK$18.96 from HK$14.3 and maintained its "buy" rating.
The research house said deleveraging is the top priority of Evergrande, with the aim to
achieve Rmb150bn total debt reduction in FY2020-22 through presales promotion, cash
collection, and slower land acquisitions.
DBS estimated Evergrande has already tapped onto its new energy vehicle and property
management businesses via rounds of equity funding raising of up to HK$45bn in 2H.
The 70%-owned new energy arm is trading at a similar market cap as the company, implying
a distressed valuation for its property development business. (KL)

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